Blockchains | Cryptocurrencies | Web3 Resource logo Blockchains | Cryptocurrencies | Web3 Resource logo
Cryptoknowmics 2022-05-16 07:10:32

SOL Technical Analysis: Monday Blues Hits 8% Fall in Solana

SOL prices showcase an abrupt reversal in the bullish journey soaring during the weekends resulting in an 8% fall. Will the falling crack under $50? Key technical points: The SOL prices grew by 32% over the weekends. Solana prices succumbed 8% on Monday morning. The 24-hour trading volume of Solana is $1.90 Million, indicating a 5.59% rise. Past Performance of SOL As mentioned in our previous analysis, SOL prices plummeted after the bearish breakout of the 100-day SMA (orange line) under $80, resulting in a prolonged downtrend in motion. The downfall came with a significant rise in selling pressure and multiple bearish engulfing candles, cutting 55% of the market’s value within two weeks, starting from April 29th. Finally, however, the buyers began a coup over the weekends, resulting in a V-shaped reversal from $36 to a retest of $60. Source-Tradingview SOL Technical Analysis SOL price action shows a failed three-white soldiers pattern approaching the $60 resistance level. The formidable sellers at the crucial threshold pushed the rally 9% today, with 17 hours left on the clock at press time. Over the last few weeks, the increased selling pressure undermines the bullish crossover of 50 and 100-day SMAs. The sideways trend after crossover succumbs under bearish powers and takes a nosedive, increasing the chances of regaining bearish alignment. After a double bottom breakout in the oversold zone, the RSI slope surpasses the 14-d...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer