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- Solana price rejected 50 day ema and sinks below $10.00 for the first time in two years.
- Solana lost 95% of its value from the yearly highs and down by 31% on a monthly basis.
Solana Price had been trading with mild bearish cues and sellers were continuously trying to keep the price below $10.00 level. At the time of writing, SOL/USDT is trading at $9.61 with the intraday loss of 1.54% and 24 hour volume to market ratio stood at 0.1076
Should investors catch the falling knife ?
On a weekly timeframe, SOL Price is in a strong downtrend and continuously falling down by forming lower lows candles indicates bears are active on higher levels. In the mid of June SOL prices found stability near the $25 level and gained some positive momentum and hit a high at $48. Later, prices have traded sideways in the range between $25.00 to $48.00 for a longer time and did not show any surprises but unfortunately in November, SOL broke down its 5 months consolidation zone and continued to expand on the downside.
Will SOLANA be able to reclaim $10 ?
On a daily time frame, SOL had been in a bear grip and continuing its downward momentum. From the past couple weeks SOL prices had found stability in the range between $11 to $15 and investors are expecting the SOL crypto to hold $10 support level in coming months but recently Solana prices have disappointed its investors and slipped below $10 level.
The 50 day ema (yellow) at $15.00 will act as an immediate hurdle for bulls if any relief rally triggers from the lower levels followed by the next hurdle at $25.90. On the lower side $5.00 and $3.88 may act as a savior for bulls. Recently, The MACD had generated negative crossover indicating more downside is possible in coming days whereas RSI at 23, entered the oversold zone which may trigger a temporary pullback in coming weeks.
Summary
Solana Price had been in a strong downtrend and had disappointed its investors by sinking below $10.00 for the first time in two years. As per technical analysis, no signs of upside reversal is visible So, it’s better to avoid buying SOL at lower levels. However, if SOL prices are able to reclaim $15.00 we may see more upside movement towards $25.00 levels.
Technical levels
Resistance levels : 14.98 and $25.00
Support levels : $5.01 and $3.88
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
