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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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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