Solana (SOL) Price Analysis: Bearish Outlook and Key Levels to Watch
Current Price Action
Solana (SOL) has broken out of its ascending channel, leading to a ten-day consecutive decline. Currently trading below the 200MA, SOL's price has dropped from $38.93 to $30.04, recently rising 5.17% to $31.99.
Technical Indicators
The Relative Strength Index (RSI) at 45.72 indicates increased selling pressure. The RSI SMA is below the RSI line with a negative slope, signaling bearish momentum.
Market Position
Ranked ninth on CoinMarketCap, SOL fluctuates between $30.20 and $33.95 weekly. With 19,151,075 SOL in circulation, its value stands at $32.18. The 24-hour trading volume is $833 million, with a 1.73% price drop in the last day.
Key Levels to Watch
The $20-$30 support level is critical for bulls. If SOL touches the lower trendline of the descending channel, a potential reversal could occur. However, continued containment within this channel may extend price declines.
This analysis highlights SOL's bearish outlook, emphasizing the importance of monitoring key technical levels and support zones.
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