SOL price started the session on a lower note and touched the new lows in 2022. The price, however, made a quick recovery to the session highs but find hard to sustain the previous day’s recovery gains as the bulls lack the conviction to record further gains.
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- SOL price looks terribly pessimistic on Thursday following two consecutive sessions of lows.
- A prolonged downside doesn’t seem to be exhausted as the rising volume supports the outlook.
- The price is on the verge cusp of dropping massively as it dropped below $50.0
SOL price gives a warning signal
Let’s understand on the technical chart, where SOL price is heading from here on. The formation of a mild bullish formation, the hammer candlestick pattern indicates the buyers could make a comeback. However, the price remains pressured below the critical 50-day and the 200-day EMAs (Exponential Moving Average).
SOL price gravitates toward the record lows amid the overall selling in the cryptomarket. The sustained selling pressure compelled investors to liquidate their money from the upper price range and offer a chance to the bears to earn some money. A break below the session’s low would trigger a fresh round of selling in the asset. The bears aim for $32.0.
The relative strength index (RSI) fell below the average line since April 4. The oscillator hovers in the oversold zone with negative bias.
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The moving average convergence divergence holds below the midline with increasing negative momentum.
On the contrary, a rise in price cannot be completely ruled out amid extreme oversold conditions. A daily candlestick above $60.0 could make recovery easy in the coin. Further, an extension toward $80.0 is possible.
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As of publication time, SOL/USD is trading at $45.55 down 10.35% for the day.
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