March 23, 2023

Solana Loses Key Support at $20, Accelerates Downward

Solana, the popular blockchain platform, has lost its key support at $20 and is now accelerating downward. The cryptocurrency failed to maintain its price within the descending triangle, and with the support at $20 turning into resistance, it is currently in search of support. The key levels to watch are found at $17 and $15, with the latter having the highest confidence.

According to Solana price analysis, the sustained sell volume in the past week has pushed Solana into making lower lows. The daily RSI is quickly approaching the oversold area at under 30 points, and the daily MACD is in freefall, with no signs that this downtrend will end at this time.

The bias for SOL is bearish, and the short-term prediction for SOL price is not looking good. The most likely area where Solana will find support is at $15, with $17 being a secondary level to watch. However, if the cryptocurrency fails to find support at these levels, it could continue to accelerate downward.

Investors and traders are advised to exercise caution when dealing with Solana at this time. The cryptocurrency market is known for its volatility, and Solana’s recent price action is a reminder of this fact. It is important to do your own research and seek professional advice before making any investment decisions.

Leave a Reply

Your email address will not be published. Required fields are marked *