Thursday, April 18, 2024

Solana Price at Risk: Potential Drop to $79.49 Identified.

Since mid-February, the price of Solana (SOL) has been moving in a negative manner, hitting a number of lower highs and lower lows. The Layer 1 (L1) token has fallen below the middle of the market range, which is between $79.49 and $126.27, as a result of the downturn.

The 50-day Simple Moving Average (SMA) at $99.64, which is a support for the price of solana (SOL), may drop all the way to the low. SOL might fall to the 100-day SMA at $88.64 or, worse, extend a leg down to the bottom of the market range at $79.49 if this support level gives way.

The Relative Strength Index (RSI), which is below the 50% median, indicates a low level of price strength. The Moving Average Convergence Divergence (MACD), which is likewise below its signal line, indicates a bearish cycle. Its histogram bars are also flashing red, indicating the bears’ dominance in the SOL market, and they are below the 50 midline.
The Awesome Oscillator (AO), whose histogram bars are flashing red and leaning into negative territory, further supports the bearish argument.

On the other hand, the Solana price may move higher if the bulls step up their purchasing pressure, turning the $102.88 resistance into a floor of support and utilizing it as the starting point for larger gains.

Increased buying momentum over this mark may allow SOL’s market value to recover its mid-February highs, which were located around the psychological $120.00 level. In an extremely optimistic scenario, this value might even reach the market’s range peak at $126.27. A move like that would represent a 25% increase over the present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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