Solana crashes, loses vital support – what’s next for SOL?

Solana’s price is down 8% in the last 24 hours – the price of SOL had a strong bearish influence. Currently, the base has found support at $ 34. Is SOL in danger of giving up recent gains?

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Solana: Superb?

Not only was SOL hit, the bears seem to have embraced the entire crypto market. Bitcoin, for example, has been hovering around the $ 20,000 mark for the past 24 hours. Other market participants have also revisited their respective charts.

The technical outlook for the coin continues to reflect negative price action. This suggests that the price of Solana may fall even more. Sales pressure in the market has also increased.

The global cryptocurrency market cap today is $ 977 billion, down 3% over the last 24 hours. With Solana now falling below the $ 40 level, SOL could be in danger of another fall.

Solana Price Analysis: One Day Chart

On the 24 hour chart, SOL was trading at $ 36. Another withdrawal from the current price level reduces the asset to $ 34.

The overhead resistance of the coin was $ 38. If purchasing power returns, SOL may try to revert to the $ 38 price level.

If a SOL can hold above $ 38 for an extended period, the chart could be $ 44. If Solana fails to stay close to its $ 34 support line, it could drop to $ 26 in no time.

The amount of altcoin traded was in the red. This indicates a bearish trend and increased sales pressure.

Solana: technical analysis

The technical outlook for Solana on the 24-hour chart indicates a further decline in prices. As already mentioned: the number of buyers has decreased.

The Relative Strength Index has declined and fallen below halfway. This implies that there are more sellers than buyers in the market.

In line with the increasing selling pressure, Chaikin Cash Flow has also moved towards the zero line. This indicator shows the level of capital inflows and outflows. The value means that capital inflows have decreased.

At the current price, Solana could see demand from buyers if the price stays at the same level. While the bears took control, the SOL of the one-day charter is showing a buy signal.

The Directional Movement Index (DMI) was negative. This means that the price direction will continue to be bearish. For the DMI, the -DI line was above the + DI line.

On the other hand, the MACD (Car Convergence Average Variation) clarifies price trends and reversals. MACD recently showed green histograms associated with a buy signal. Buyer strength is crucial for SOL to get back the $ 44 mark.

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Text credit: Newsbtc

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