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Solana Price Analysis: SOL Coin Tanks 15% In Intraday Sessions, Returning To Its $30 Support

HActruom
  • SOL token shows strong selling as the price is slowly moving towards the $30 support level 
  • The SOL/BTC pair was trading at 0.0009395 BTC with a loss of 3.35%
  • The current price of SOL token stands at $30, established on the back of a 15% decrease in the past 24 hours.
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SOL has been experiencing a volatile and bearish trend for the past few days, which is typical of cryptocurrencies in this phase. The coin’s price fell by 11% in intraday sessions returning to its $30 support level, which is a crucial support level as it coincides with the 0.618 FIB level. If the price sustains below the $30 level, we can expect another fall till $25.6 Mark.

About the EMA’s, the SOL token is trading below the critical EMA’s 20, 50, and 100

indicating a strong bearish trend formation. In addition, investors can see that price has just breached the 100 EMA, and the 20 and 50 EMA are on the verge of bearish crossover providing more confirmation on this ongoing beamish momentum. However, the 200 EMA is moving below the price and should support SOL tokens.

The RSI ( BEARISH) current value is 39, indicating a strong bearish sentiment. As the price is moving lower, the RSI line is also entering the overselling zone keeping the bearish momentum on track.

SOL Crypto Price Chart On The 4hr Time Frame

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The 4hr time frame chart of the SOL token shows a clearer view downfall in the price as it has reached the $30 support level. (traditional pivot level ‘S1). Well, investors can see that the chart is showing excellent coinciding of the support and resistance level with the traditional pivot level, providing an extra edge to the SOL traders. 

The MACD indicator (BEARISH) shows strong bearish sentiment in the price as both lines are moving below the neutral zone. In addition, investors can see a strong bearish slope in these lines as they are entering the overselling zone. The histogram also shows rising red bars support the whole bearish emotion.

Conclusion: From the technical perspective, the overall trend for the SOL token is strongly bearish, and as the price continues to fall, the breakdown and sustainability below this level should provide an excellent short opportunity till the $25.6 mark 

Support: $30

Resistance: $35