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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...

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