Market Uncertainty Puts Solana Price on 15% Downside Risk

SOL Price Prediction: with the increasing uncertainty in the crypto market, the rising Solana price turned down from a long-coming resistance trendline. Previously such reversals triggered aggressive downfalls and plunged coin prices to lower levels. Therefore, the SOL price is on the verge of a bearish breakdown from a local resistance of  $19.5 offering a selling opportunity to traders.

Key Points

• The Solana coin’s ongoing downtrend will prolong until the resistance trendline is intact
• A potential breakdown from the $19.6-$19.3 support will tumble SOL price 15% down
• The 24-hour trading volume in the Solana coin is $313.3 Million, indicating a 41.2% loss.

Source-Tradingview                                              

A long-coming descending trendline has been leading the ongoing downtrend in Solana coin price. The multiple reversals observed from this resistance trendline indicate the traders were aggressively selling at bullish pullbacks which eventually leads the prices to lower levels.

Thus, even the recent recovery rally in SOL price took a major halt at this downsloping trendline. On March 23rd, the coin price turned down from the aforementioned resistance and tumbled 8.5% in the last three days.

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The Solana coin currently trades at $20.8, with an intraday loss of 2%. If the selling pressure persists, the coin price is likely to breach the immediate support of $20-$19. This breakdown will tumble the coin price 13-15% down to hit $16.82 and act as an extra confirmation for the resumption of a downtrend.

Anyhow, the potential buyers can wait for the trendline breakout before positioning their funds in Solana.

Technical Indicator

MACD: A potential bearish crossover between the MACD(blue) and the signal(orange) line below the midline indicates the sellers possess trend control.

EMAs: with the recent downfall, the SOL price pierced a cluster of EMAs(20, 50, and 100)  offering an extra edge to short-sellers for the market.

Solana Coin Price Intraday Level

• Spot price: $20.19
• Trend: Bearish
• Volatility: Medium
• Resistance levels: $22.5 and $27
• Support levels: $20 and $16