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.
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 already fell 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.
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.