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- 1 Solana’s price is currently trading at $19.81 while witnessing an increase of +1.38% during the intraday session.
- 2 Sol price trades below 20,50,100, and 200-day EMAs.
- 3 The year-to-date return of Solana is 98.60%, while the three months dropped to -20.74%.
On May 21, the SOL price broke the psychological $20 support level and formed support at $19.50. The cryptocurrency price was upward, forming higher highs and higher lows. The upward channel started after the price formed support at the $17 level.
On May 7, the price escaped the channel in a downward direction and headed toward the $20 support. The $20 support held the price several times in the past months. The current candle is trying to rise above the $20 level, but the bears are in colossal volume and are pushing the price back below $20.
Sol’s price is still bearish even after the recent report regarding the increased network usage for altcoins. There hasn’t been any significant impact on Sol’s price after the high inflow of users. If the price falls below the recent support of $19.50, the next support resides at the $18 level and $17 level.
If the price can cross below the $16 level negatively, the price might have a significant level of meltdown due to clean candles on the left pushing the price down toward the $9.50 level. Sol price needs to rise above $21.20 for bulls to gain control. Solana’s price is down approximately 26% from the yearly highs while the all-time high is at $260.06, and the sol price is down by -92.39% from the all-time high.
Solana Network Witness Rise In The Number Of New Address
Solana added a large number of users in May 2023. The number of addresses added in May is much higher than in the current year’s February, March, and April. The number of new users is an essential metric in understanding the adoption of Solana among crypto market participants, as it tells us about the interest and utility of the assets for the users.
Will Sol Price Dip Further Down?
Solana’s price is currently trading below 20,50,100, and 200-Day EMAs, indicating bearish momentum in the price. RSI is presently at the 40.17 level indicating bearish momentum in the market. Chaikin money flow score is -0.10 and is still dripping even after the current candle has turned bullish, suggesting weakness in the market.
The price is currently trading near the lower band of Bolliger, and the current candle is showing signs of bullishness but is still trading below the $20 level. The bands have contracted to indicate a low-volatility market for Solana in the upcoming days.
The long/short ratio is 1.03, with 50.78% longs and 49.22% shorts, indicating a slightly higher number of investors in buying positions.
Conclusion
The market structure and price action for Solana price is bearish, and bulls need to protect the recent support to halt the bearish momentum.
Technical levels
Major support: $19.50 and $18
Major resistance: $21.20 and $23
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
