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Solana Price Analysis: SOL Token doomed to stumble across the support of the 200 EMA, Solana receives shoutout from WEF

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  • SOL Token has laid the groundwork for a 5% downswing
  • The press time price of SOL/USDT is $27.65 established on the back of a 2.43% decline in the past 24 hours
  • The overall price action continues to fluctuate inside the Descending Triangle Pattern on the daily chart 

SOL Token to continue its bearish streak under the pressure of the 20 EMA

SOL Price kicked off a bullish reversal from the support cushion of $22 to stage a recovery of 35%. The impulsive rally was interrupted by the hindrance of the 50 EMA, causing the bulls to lose steam. Presently trading below the resistance of $28, the SOL token is very likely to rebound from the 200 EMA. 

In the occurrence of this scenario, traders should brace themselves for a fallout of 5% from the current price level. While the comprehensive price action continues to resonate inside the massive descending triangle pattern, SOL bears are committed to the price stumbling across the $25 support cushion. The above support cushion is bolstered with the 200 EMA, which are presently serving as critical support to the token. 

The bearish trend for SOL Price seems intact as demonstrated by the Stochastic RSI transpiring a bearish crossover. Extreme price targets for the token are located in the range of $24-$21, which is a collision with its June lows. However, those targets only hold accountability unless the price trend breaks the dynamic support of the 200 EMA. 

Even though, the risk of further decline lingers, SOL Token continues to trade at 15th place on the Coinmarketcap website, while establishing a market dominance of 0.50%. 

SOL/USDT on TradingView

Ethereum Killer Solana receives a shoutout from the World Economic Forum 

Solana, being one of those blockchains that achieved its scalability through the Proof of History (PoH) mechanism, has set the curve as Ethereum’s true killer. World Economic Forum is one of the independent international organizations committed to demonstrating entrepreneurship in the field of business, technology, science.

In recent events, WEF outlined a bunch of deserving crypto assets including the Solana Ecosystem. The fact that several companies are shifting to Solana has contributed to its Ecosystem being on WEF’s radar. WEF, The Swiss-based organization, has described Solana as a Proof of Stake Blockchain, designed for mainstream adoption. 

With the latest news announcements being in favor of the Solana Blockchain, the Ethereum Killer tagline is not an overstatement. That being said, Solana has made quite the impression since its launch in 2020 by challenging all the other aspiring Ethereum competitors.

SUPPORT : $21, $24

RESISTANCE : $28, $30

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