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Solana lost over 10% in the last 24h as the market turned bearish. Now, the price is at critical support.
Key Support levels: $35, $27
Key Resistance levels: $44, $59
With SOL approaching the key support at $35, buyers have a difficult task ahead of them to stop the current downtrend. If they fail, then the next support level is found at $27, which is the 2022 low. The resistance at $44 continues to hold back any attempts from Solana to break away.
Chart by TradingView
Technical Indicators
Trading Volume: The volume is in red but falling. Sellers’ conviction will soon be tested at the critical support.
RSI: The daily RSI fell under 50 points in the past two days and continues to go lower. The RSI is about to make a lower low if this trend continues.
MACD: The daily MACD just did a bearish cross today. This is a significant signal that the trend has changed.
Chart by TradingView
Bias
The short-term bias for SOL is bearish.
Short-Term Prediction for SOL Price
With the price action turning bearish, Solana is about to test the key support at $35. It is critical for the cryptocurrency to hold it. Otherwise, its price may fall much lower. The support at $27 could be retested if the overall market remains bearish.
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.