Solana Drops Under 100-Day MA On 4-Hour Chart, SOL Value In Hazard?

15 views 7:08 pm 0 Comments February 24, 2024


Having failed to interrupt its earlier excessive for the 12 months, the value of Solana has continued to maneuver downward. From the peak of $118.88, the coin, which is at present ranked fifth within the crypto house with a complete provide of 440,961,455 SOL and a market capitalization of $58.2 million,  has made a drop of over 25% and isn’t displaying any indicators of stopping.

As of the time of writing, the value of SOL was up by 2.76% and buying and selling round $102.63, under the 100-day transferring common within the final 24 hours. In the meantime, within the day by day timeframe, the value has dropped a bearish candlestick, indicating that the value continues to be bearish.

The transferring common indicator typically is used to find out the development of an asset, which could possibly be an uptrend or downtrend. For the reason that worth of Solana is buying and selling under the 100-day transferring common, may this imply that the value has modified from an uptrend to a downtrend?

Solana On The 4-Hour Chart

A technical examination of the chart from the 4-hour timeframe and with the assistance of a development line we will see that two resistance ranges of $118.88 and $114.87 have been created by earlier worth motion. We are able to additionally see that the value has damaged the assist degree of $103.57. Subsequently, the value for the following vacation spot may be the $92.84 assist degree. 

This may be seen within the picture under:

Solana

Supply: Tradingview.com

Additionally, having a look on the 4-hour timeframe chart with the assistance of the MACD indicator within the above picture, we will see that the MACD histogram is trending under the MACD zero line. Each the MACD line and the sign line have crossed and are trending under the MACD zero line, suggesting that the value of SOL is bearish and will proceed to maneuver downward.

A closing take a look at the chart with the assistance of the Bull Energy Vs. Bear Energy Histogram indicator, we will see that the histograms are trending under the zero line. This means that consumers have fully misplaced momentum out there, and sellers have taken over it. Thus, the value will have a tendency to maneuver downward. 

We are able to see this within the picture under:

SOL price

Supply: Tradingview.com

Potential Outcomes If The SOL Value Continues To Drop

If SOL continues to drop, we’d see the value transferring towards the assist degree of $92.84. Additionally, if it manages to interrupt under this degree, the value may transfer additional downward towards the $79.32 assist degree.

Presently, Solana is seeing minor upsides of 1.3% within the final 24 hours, in line with knowledge from CoinMarketCap.

Solana price chart from Tradingview.com (SOL price)

SOL bulls battle to keep up worth at $102 | Supply: SOLUSD on Tradingview.com

Featured picture from Coinfomania, charts from Tradingview.com

Disclaimer: The article is supplied for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info supplied on this web site fully at your individual danger.

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