- The price of SOL is trading at $15.96.
- The SOL price decreased by 0.81% in the last 24 hours.
- The SOL year-to-date return is +60.34%.
The amount of SOL traded in a day is $192265755. It has risen by 36.98% since the last day. The trading activity is low now because the market is unfavorable and the buyer’s hope for the coin is decreased. Also, the buyer’s mood is pessimistic due to a lot of falls in the entire crypto market.
This week the trend was bearish as the price was up by 5.13%. By trend and price information history, we can say that SOL is trying to go upwards but it’s failing in its attempt resulting in its underperformance. The coin’s value plummeted by more than 60% in all-time history, soaking up the investors’ money. The market mood is bleak and there is a lack of demand or trading activity for the coin. This may explain why the coin has performed so poorly.
In 1-D Timeframe
As per the trendline, it had respected the trendline and even faced rejection exactly from the drawn trendline on the chart. From the point where it declined from the trendline, it was bearish before. But as of now, it is on a very critical level. As given in the chart, the breakdown is already in the process and even the retest has begun, it can face rejection exactly from our lower trendline which will be acting as resistance. So, as price action speaks, it may come down to taking support and if it fails, there will be a possible further breakdown. As per the trendline, it can reach $13.11 soon which is our major support.
With the help of just two parameters: period and multiplier, this indicator works well. At period value 20 and multiplier value 2, it shows the continuous trend if it’s bullish or bearish. As shown in the chart, it’s bearish.
As we can see in the chart, the blue line or MACD line crossed the signal line from above while making a bearish crossover a few days ago. This indicated a bearish trend signal which worked very well. On the day of writing, the MACD line and the signal line are on the negative side of the MACD indicator. Even though the indicator indicates a bullish crossover happening, until it is not above the zero line we cannot accept it as a confirmed Indication. Therefore, below the zero line, it is still in the bearish zone. This highlights that the trend may continue downward.
The price is going down on the 1D chart. It is below the 200 EMA(exponential moving average), which is a hard line to cross. The sellers are stronger than the buyers. To change the direction, the price has to go up and stay above the 200 EMA.
The SOL coin price is trading at the lower band of the Bollinger Band indicator after failing to surpass the upper band. After facing rejection from the 20-day Simple Moving Average (SMA) of the Bollinger Bands, it is indicating more downward move.
As per the price action, if buyers fail to sustain this critical level, the chances of downfall will increase drastically. The SOL coin price is bearish. As of now, the technical parameters indicate bearish pressure in the upcoming trading days. Presently, the sentiments of investors and traders are bearish.
- The Nearest Support Zone is $13.11.
- The Nearest Resistance Zone is $23.42.
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.