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The market is in red, and Solana appears poised to return to a critical support level after losing 10% in the past 24 hours
Key Support levels: $27
Key Resistance levels: $44
Today’s trading session saw a significant selling pressure which intensified as the day passed and pushed Solana closer to the key support at $27. In the past week, SOL fell by over 25% and today is shaping up as one of the worst days in June. This downtrend started when the price was rejected at $44 which is also the key resistance.
Chart by TradingView
Technical Indicators
Trading Volume: The increasing sell volume is putting pressure on the bulls, which appear gone from the market at this time. We might see a reaction if the price arrives at the key support.
RSI: The daily RSI is in freefall and has made a lower low at 38 points.
MACD: The daily MACD is on the bullish side, but this is likely to change by tomorrow when a bearish cross could follow. The histogram is losing momentum fast and may turn negative soon.
Bias
The short-term bias for SOL is bearish. This latest price action is about to erase all the gains made earlier in June.
Chart by TradingView
Short-Term Prediction for SOL Price
Solana seems primed to face a test at the $27 key support level. If this is not defended well buy buyers, then the cryptocurrency may end up in a new liquidation cascade that can take it further down.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.