Solana (SOL) Price Subsidies Below $100 Downside Risk Intact

By Rekha chauhan
February 3, 2022 Updated February 3, 2022
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Solana’s (SOL) price remains under selling pressure for the second straight day. SOL faces multiple resistance pressure near $113.10. Investors could open fresh short positions below 50-DMA at $97.0.

  • Solana (SOL) price extends losses for the second day.
  • Expect more downside pressure in the token.
  • Demand support emerges near $80.0.

At the press time, SOL is changing hands at $94.95, down 4.50% for the day.  The 24-hour trading volume stands at $3,288,246,461 with a rise of almost 2%.

Biggest Hack of Solana and Ethereum blockchains worth $325 million-Wormhole Portal

Blockchain platform Wormhole reported a hacker had stolen more than $325 million worth of tokens on Wednesday. The platform was launched in August with roughly $1 billion in deposited funds.

Source: Trading view

Technically speaking, on the 4-hour chart, the Solana (SOL) price has just breached the 50-DMA at $96.0, which is indicating the intensified selling pressure in the SOL.

Furthermore, the momentum oscillator, the Daily Relative Strength Index (RSI) trades at 40. The RSI forms double support near this level and holds near the oversold zone. However, it still, open trading opportunities for the sellers.

If the price holds the supply zone around $80, which is also the weekly low then a possibility of another leg up would emerge in the pair.

SOL needs to test the psychological $100.0 level to make a convincing U-turn. There is a long way to meet the horizontal resistance line at $120.0.

On the flip side, if the price drops below $90.0 then it would open the gates for the $72.0 levels last seen in August.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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