- SOL coin is pushed back to the previous support level where it started to rise in the May month
- The SOL/BTC pair was trading at 0.0007878 BTC with a loss of 15.56%
- The current price of SOL token stands at $25.3, established on the back of a 4.77% decrease in the past 24 hours.
In the daily time frame, SOL coin showed strong selling yesterday and was down 25% in the intraday session. As for today, the price continues to drop and is now back to the crucial support level of $25(near the 0.618 FIB level), where it bounced previously from the insane fall in May month, This level is important for SOL coin and has the potential to reverse price from here and also encourage even more fall if violated; thus investors should wait patiently for the reaction of the price at this $25 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 20 and 50 EMA have given a bearish crossover, supporting the ongoing downtrend; Also, the price is about to reach the 200 EMA which should provide good support to it.
The RSI (STRONGLY BEARISH) current value is 32, indicating strong bearish momentum. In addition, if investors look closely, this RSI value is slightly lower than the previous time price came to this support level indicating more strength in the bear power.
SOL Crypto Price Chart On The 4hr Time Frame
The 4hr time frame chart of the SOL coin shows great confluence with the traditional pivot level and can provide an extra edge to the SOL coin trader. With this, the chart also shows a descending trendline that shows some potential to be a valid resistance in the later period.
The MACD indicator (BEARISH) shows strong bearish momentum in the price as both lines are moving below the neutral zone. In addition, investors can see a declining slope of these lines as they are slowly entering the overselling zone. The histogram also shows rising red bars supporting the whole bearish emotion.
Conclusion: From the technical perspective, the overall trend for the SOL token is strongly bearish, and as mentioned above it is setting exactly at that crucial support of $25. Thus, investors can wait for the price to give some indication of how it wants to move next, before entering the market. If we see a breakdown from this support level, investors can have a good short opportunity till the $20 level, and if the price is reversed from here the mentioned trendline could be a temporary target.
Support: $25, 20