SOL Price Analysis: Solana in Freefall with 18% Daily Drop, Where's the Next Support? - Daily Bitcoin news

SOL Price Analysis: Solana in Freefall with 18% Daily Drop, Where’s the Next Support?


Over the past 24 hours, SOL crashed by a whopping 18% and is now found in a freefall.

Key Support Levels: $23

Key Resistance Levels: $37

With Solana losing its key support at $37 a while back, which has now turned into resistance, the price is well on its way to testing the next important level at $23. The sell-off has been sustained and continuous for the past three days with no signs of relief.

SOLUSDT_2022-06-13_11-51-54
Chart by Trading View

Technical Indicators

Trading Volume: The selling volume is high and constant. Until this changes, it is unlikely for SOL to stop the downtrend.

RSI: The daily RSI has already fallen under 30 points and is found in the oversold area, but the price keeps going lower. The MACD is a much better indicator when searching for a bottom.

MACD: The daily MACD just completed a bearish cross today. This suggests the downtrend could intensify and that SOL is unlikely to be very close to its bottom just yet.

SOLUSDT_2022-06-13_11-51-37
Chart by Trading View

bias

The bias for SOL is bearish.

Short-Term Prediction for SOL Price

Without any relief in sight, it seems more likely to see Solana test the key support at $23. Should that level stop the current downtrend, then we might see a relief rally. This is also largely dependent on how BTC and ETH perform.

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Cryptocurrency charts by TradingView.



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