Solana Technical Analysis: Will SOL Coin Breakout of $26 Hurdle?

• Solana (SOL) is currently trading at $16.89 with a decline of 1.74% in the last 24 hours.
• The Solana price is observing an increase of 9.83% in the last 7 days.
• The SOL market capitalization is $6782911450.

Trend Evaluation

By evaluating the price data of the SOL coin, it is in a downtrend. The price inclined by 9.83% in the last seven days and we can say that Solana performed well last week. From its peak price of $259.96, it fell -93.48% in the last 1 year. The coin demolished the major investor’s wealth. The current market views are not so good about SOL. No huge volume is present in Solana. As of now, there is no buyer in the market  interested in buying the coin. There is bearish dominance in the market.

Solana (SOL) Technical Analysis

The price of Solana (SOL) has slipped below 50 and 200 EMA, which suggests that the price is in a bearish trend. If the sellers continue to push the price down, the coin’s value may fall even further in the upcoming week. The price has been consolidating near 200 days EMA again which shows that bears are not in the mood to give power to bulls.

Source:  SOL/US DOLLAR .1D by TradingView

The technical indicator MACD is also in negative territory. The MACD line at -0.63 and signal line at -092 is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

The current value of RSI is 46.48 points. The 14 SMA line is currently below the median line, around 38.27 points which shows bearish sentiment in the market. The bearish trend is indicated by the 14-day SMA line below the median line. As the price is in oversold territory, the market is experiencing bearish sentiment.

Trendline Analysis:

The price has respected its significant trendline support, and is heading for resistance. As soon as the price breaks the trendline, then it will rise to the next resistance and if it gets rejected by the resistance, then it will fall back to the current support.

Source:  SOL/US DOLLAR .1D by TradingView

Volume Analysis:

Solana (SOL)’s trading volume of 24 hours is $18691050, with a 56.10% increase in volume. There is a significant boost in the volume of the coin.

Technical Levels:

Support – The current support level of SOL is $13.78.

Resistance –The current resistance level of SOL is $25.58.

Conclusion

SOL is facing a tough time in the market. The price action suggests that the price may fall more in the upcoming days if it broke its primary trendline support level. SOL price shows a pessimistic scenario at the moment. Major reliable indicators like EMA, RSI, and MACD give negative signals about the Solana coin. Fear is developed around the investors because of the adverse performance of the coin. Solana is not showing any recovery signs right now.

Disclaimer

The analysis given in this article is for informational and educational use only. Do not take this information as financial or trading advice. Trading and investing contain financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.