SOL price continues to trade lower but hovers near the vital support. The price remains pressured near the descending trend line, which indicates a complex correction in the price. Investors should avoid any restless behavior else might get trapped in the wrong direction.
- SOL price extends the previous session’s consolidated move and drifted lower.
- More downside on the card if the price breaks below $90.0 on the daily chart.
- The breach of the bearish slopping line could invalidate the bearish outlook.
SOL price tracks lower
On the daily chart, the SOL price surged 75% from the lows of $78.0 to the swing highs of $143.53. However, the bulls failed to carry forward the gains and retraced lower. Further, the formation of ‘Spinning top’ indicates the bulls might be out of the game. That’s what happened next, as the SOL price dropped to $95.0.
Now, the support level placed around $95.0 acts as a reliable holding area for SOL, where the sellers seem exhausted. However, a resurgence in the selling pressure could break this support zone, and if that happens more downside is expected in the asset.
On moving lower, the first downside target could be found at the lows of March 22 at $88.0 followed by the horizontal support level of $80.0
On the contrary, if the price manages to pierce the bearish slopping line, then we expect some bounce back in the asset. However, immediate upside resistance could be found at the crossover of the 24-day and 50-day ema’s (Exponential Moving Average) near $103.
A daily close above this level would bring $110.0 in play.
SOL price has been trading in a short-term downside trend after testing the record highs in November at $259.99.
As of publication time, SOL/USD is trading at $96.11 down 2.16% for the day.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.