Solana Price Analysis: SOL Price Nearing $80 Support; Buy The Dip Now?
A V-top rejection from the $140 resistance tumbled the Solana(SOL) price by 25%. As a result, the coin buyers lost the $120 and $105 support it gained during the recovery phase. Seeing the altcoin is trading below the $105 support, the sellers aim to wipe out the entire gains from the March rally.
Key points
- The SOL buyers lost the $105 support
- The post-retest fall suggests a 20% devaluation of SOL price
- The 24-hour trading volume in the Solana coin is $2.57 Billion, indicating a 12.03% gain
Source-Tradingview
The Solana(SOL) price witnessed an unwavering and parabolic rally during the latter part of March. The recovery rally reached the $140 mark after slicing through some significant resistance, such as $105 and $120.
The upswing recorded an 84% growth in just three weeks, preparing for a bullish breakout from $140 resistance. However, the sellers sabotaged the buyer’s attempt and reverted the coin price with similar force.
The V-top rejection discounted the SOL price by 25% and dropped it below $105. The traders must wait for the candle closing below this breached support to confirm a fallout.
However, the 157% volume spike accentuates the seller’s commitment to a downfall, indicating the price to retest January bottom support at $80.
Technical indicator
MACD Indicator: A negative crossover between the fast and slow line projects a sell signal for short traders. The rising red bars in the histogram chart highlight an increasing trend momentum.
DMA: The current price drop undermined the bullish crossover of the 20 and 100 DMA. The sustained selling may breach the 50 DMA support, encouraging the price to hit $80.
- Resistance level- $105 and $120
- Support levels- $93 and $80
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