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SOL Analysis: SOL Bearish Prediction at $28, Will it Reach $25?

Date:

  • Solana breaks the ascending channel and dips for ten days straight.
  • The token is trading below 200MA, and the RSI value is 45.72.
  • Solana’s bearish prediction is 28.

Solana’s stock price has been falling ever since it broke above the prior ascending channel. Since then, Solana has dropped from $38.93 to $30.04, and as of yesterday, it was up 5.17% to $31.99.

SOL/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)
SOL/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)

Above is the one-hour chart of SOL/USDT. Price declines are anticipated to continue as long as prices are contained within the descending channel. We can expect the price to touch the lower trendline and show a reversal in price action. The support level of $20 – $30 can make or break the situation for SOL bulls.

SOL/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)
SOL/USDT 1-Hour Chart Showing Relative Strength Index (Source: TradingView)

The above chart states that SOL tried to break out of the 200 MA and rise higher on September 2022. But, the bears smashed the bulls’ hope and forced the price to dip with a 10.40% decrease within four hours. At the time of writing, SOL is now trading below the 200MA with more bear pressure in hand.

The relative strength index of SOL currently sits at 45.72, which is less than 50, indicating that more traders are selling MATIC than buying. Nevertheless, the RSI SMA is positioned below the RSI line and is sloped negatively.

According to CoinMarketCap, Sol is ranked number nine. Within a week, SOL fluctuates between $30.20 and $33.95. There are 19,151,075 SOL in circulation, and their value has hit at $32.18. In the previous twenty-four hours, $833,128,983 worth of Solana was traded. Moreover, the price has plummeted 1.73 percent in the last twenty-four hours alone.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.


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