Solana Sees Sharp Decline To $146, Will SOL Overcome Latest Hurdles?

Godspower Owie

Last Updated: June 17, 2024 6:00 pm

2 mins read

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SOL, the native token of Solana, a leading blockchain platform renowned for its high-speed transactions and innovative technology, is currently facing significant price hurdles. As the cryptocurrency market experiences volatility, Solana’s price has encountered resistance levels that pose challenges to its bullish trajectory. Investors and analysts are closely watching these developments, trying to gauge what lies ahead for SOL.

This article explores the current price hurdles facing Solana, delves into future outlooks, and offers predictions on how these obstacles could impact its market performance. Understanding these dynamics is crucial for investors seeking to navigate the uncertain terrain of Solana’s price movements.

As of the time of writing, SOL has a market capitalization of over $67 billion, a trading volume of over $1.3 billion, and a price drop of 5.40%, trading at around $146 over the past 24 hours. Despite the price decline, its market capitalization and trading volume increased by 0.64% and 40.90%, respectively.

Current Market Analysis For Solana

Currently, on the 4-hour chart, the price of SOL after attempting to move upward has begun to drop again with two bearish candlesticks dropped. Also, Solana is trading below the 100-day Simple Moving Average (SMA) indicating that the price might remain bearish.

Although the composite trend oscillator indicator on the 4-hour chart indicates that SOL’s price may move upward as both the signal line and the SMA of the indicator are heading toward the zero line, it should be noted that this is only a short-term measure because the price will eventually drop even further.

Meanwhile, on the 1-day chart, it can be observed that Solana is bearish as it is trading below the 100-day SMA and also attempting to drop a bearish candlestick with strong momentum.

Also, the signal line and SMA of the 1-day composite trend oscillator have broken below the zero line and are moving toward the oversold zone, which suggests that the price of SOL may move very bearish.

Expert Opinions On SOL’s Price Outlook

As of right now, Solana’s price is moving downward toward the $140 support level. If SOL breaks below this level, it will continue to move downward to test the $118 support level and may move on to challenge the $99 support level if it breaks below the $118 level.

Nonetheless, prices may begin to increase in the direction of the $160 resistance level if it is unable to cross any of the previously mentioned levels. If it breaks above this $160 level, it will continue to rise and challenge the resistance level at $188. Furthermore, should SOL break above this level, it can also see a higher price move to challenge the $205 resistance level on the chart.

Featured image from Adobe Stock, chart from Tradingview.com

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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