SOL’s price was barely holding above its $187 support level a few weeks ago. SOL broke below this crucial level, which has since become a resistance. $166 now looks to be a support. Although the bears are aggressive, it appears unlikely that the downtrend will be stopped soon.
Key Support levels: $166
Key Resistance level: $187
Chart by TradingView
Technical Indicators and Growth Signals
Trading Volume: The volume has decreased since the price dropped. Bears may be exhausted by this drop in volume. Bears continue to hold the upper hand on prices, and it is too early to say.
RSI: The daily RSI has continued to go lower and remains in the oversold region (currently 37). At 33 points in the past, SOL reversed its downward trend.
MACD: On a daily basis, MACD is bearish. The MACD moving averages are expanding downward in response to the last price drop. Thus, bulls need to act now to stop bears from dominating the chart.
Chart by TradingView
Bias
The bias is bearish as long as Solana fails to stop the downtrend.
Short-Term Prediction for SOL Price
SOL’s poor performance continued this week. All attempts by the bulls to reverse this were just unsuccessful. The next important level to look at is $166.
Original Article can be found at; //cryptopotato.com/solana-price-analysis-sol-struggle-to-hold-above-170-as-bears-dominate-momentum/
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
