•SOL/USD is currently priced at $34.22 and has decreased by 12.58% over the past day
•The trading volumes have increased by 12.15% over the past day
•The technical indicators suggest a bearish outlook for the near term.
Short Term View: Can the SOL Coin cells protect the price tumbling below $30?
The Solana price today is $34.22 USD with a 24-hour trading volume of $1,427,225,033 USD. Solana is down 12.58% in the last 24 hours. The trading volumes have increased over the past day as a result of increased profit booking whereas the Volume to Market Cap Ratio stands at 0.1217 for the altcoin.
The crypto cart is falling apart and the effects have been wide-ranging, with SOL Coin proving to be no exception to the norm. The altcoin has been left reeling as the surge in selling pressure has brought the bulls down to their knees, with the asset transacting significantly below the 20,50 SMA on the four-hour chart. A continuation of the downtrend could bring the Solana price below the support level placed at $32. On the flip side, a herculean task lies ahead for the bulls as they look for ways to push the price towards the resistance placed at $40.
Long Term View for SOL Coin
Axie Infinity is currently in a downtrend as the move came following five consecutive sessions of declines. Looking at the chart, the 14-day RSI is reading off the charts and is currently tracking at 42.69, as it has moved below the 14-day average line. SOL Coin has shown weakness on the daily chart, as the green histograms have reduced in size. The gap between the MACD and signal lines has also been reduced, which has led to the altcoin experiencing significant losses.
Solana price trend shows a high influence of bearish pressure that has been creating a new low every month, thus displaying a bear market phase. Hence the SOL Coin is likely to continue falling in the near term.
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Read More:SOL Price Analysis: Solana price action leaves investors reeling