Home
News
- Solana price has suddenly decreased 25% in the last four days, but a huge tail formation might restart the uptrend.
- More than 20% fall recorded in the previous three days in Market capitalization.
- 50 EMA is successful in keeping the price up, for now, and is hovering near $24.
SOLANA prices have risen 150% from the start of April and made a high near $30. A sudden rejection from near the $30 level has resulted in a 25% price fall. However, a long tail rejection from 0.382 Fibonacci level near $21, which is also very close to 50 EMA(yellow), has provided support. In the daily timeframe, 50 EMA is above 200 EMA (white), which implies a bullish trend, but the downward slope of RSI might continue for more time and close in the near oversold region. Huge tail formation in the daily timeframe implies that there are still enough bulls left to overturn the trend. The market capitalization of the SOLANA COIN is $6,082,500,069 (-12.47%) and the 24-hour volume is $284,444,163 (+22.44%).
EMAs OPPOSING BEARS
SOL prices have been in a range between $25 to $28 from 8th April. Solana broke this range today with a huge red candlestick. However, the price is supported by 200 EMA (white) in the 4-hour timeframe. A green candlestick developed from 200 EMA has formed a piercing candlestick formation. Currently, the price is between two significant levels of $25 and $20.
The 50 EMA(yellow) is acting as resistance for the price for now, but the price is above 200 EMA (white). Also, both the Ema still indicate an uptrend.
The spike in RSI in the 4-hour timeframe has brought the RSI level above the oversold region and might start head-to-head high along with the prices.
Conclusion
The long tail rejection in the daily time frame indicates the prices might start another bull run. However, resistance from different levels might stop this. Early traders should analyze the situation thoroughly before entering.
Resistance- $25, ,$30 and 50 EMA (4 hour)
Support- $20, 50 EMA(Daily), 200 EMA(4 hour)
