- Solana’s price is likely to reach $153 if the key support level is broken at around $159.
- Bearish momentum for Solana was confirmed by on-chain metrics and the technical indicators.
As a researcher with experience in cryptocurrency analysis, I believe that Solana’s price is showing bearish signs despite the slight increase in value. Based on my analysis of various metrics and technical indicators, I think that if the key support level at around $159 is broken, Solana’s price could drop to around $153.
As a researcher studying the cryptocurrency market, I’ve noticed that Solana (SOL) has been consolidating at present values to create a pennant formation after an impressive three-month price uptrend. Surprisingly, however, the price action suggests a bearish trend emerging despite the bullish pattern that has characterized Solana’s recent performance.
The cost has been gradually decreasing and approaching the previous resistance point at $159, which has now transformed into a support. Should this support give way, the cost may drop significantly to reach the estimated fair value around $153.
At present, based on data from CoinMarketCap, the value of Solana stands at $168, marking a 0.68% rise over the past day and a 1.3% growth during the past week.
The company’s market capitalization is approximately $77 billion, and its trading volume amounts to roughly $77.2 billion – a noteworthy jump of over 12% within the past 24 hours.
Despite the price having a slight rise, the bullish momentum is diminishing.
Are the metrics signaling bearish sentiments?
According to AMBCrypto’s analysis, the Santiment social volume indicator showed a surge in short-term activity and a general downward trend. This pattern of metrics is consistent with the current bearish price action for SOL.
According to AMBCrypto’s examination of data from Coinglass, the number of short positions outpaced long positions in Solana markets. This imbalance suggests that investors hold a pessimistic view and expect the cryptocurrency’s price to decline further, reinforcing the bearish trend.
The MACD indicator on Tradingview signaled a downtrend for Solana (SOL), potentially causing it to breach the $159 support and slide down to $153.
In simpler terms, when the MACD line lies beneath the signal line and is accompanied by sizable red histogram bars, it signifies a bearish trend in the market, suggesting prices have been declining significantly.
As a crypto investor, I’m observing that the Stochastic RSI, specifically the 34.4 day moving average, isn’t quite in the desired range yet. However, it’s showing signs of leaning towards the lower boundary. This suggests a neutral to slightly oversold market condition.
As an analyst, I have observed that the technical indicators and on-chain data are pointing towards a potential bearish trend for Bitcoin‘s fair value gap around $153.
The MACD indicator demonstrated decreasing momentum, which was mirrored in the Stochastic RSI. Should the price unsuccessfully challenge the support line, there’s a likelihood of an uptrend emerging.
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2024-06-01 10:15