Solana Drops Below 100-Day MA On 4-Hour Chart, SOL Price In Danger?
February 24 2024 - 2:00PM
NEWSBTC
Having failed to break its previous high for the year, the price of
Solana has continued to move downward. From the height of $118.88,
the coin, which is currently ranked 5th in the crypto space with a
total supply of 440,961,455 SOL and a market capitalization of
$58.2 million, has made a drop of over 25% and is not showing
any signs of stopping. As of the time of writing, the price of SOL
was up by 2.76% and trading around $102.63, below the 100-day
moving average in the last 24 hours. Meanwhile, in the daily
timeframe, the price has dropped a bearish candlestick, indicating
that the price is still bearish. The moving average indicator
generally is used to determine the trend of an asset, which could
be an uptrend or downtrend. Since the price of Solana is trading
below the 100-day moving average, could this mean that the price
has changed from an uptrend to a downtrend? Related Reading:
Pro-Ripple Lawyer Tags Poor XRP Price Performance As Unnatural,
Rally Imminent? Solana On The 4-Hour Chart A technical examination
of the chart from the 4-hour timeframe and with the help of a trend
line we can see that two resistance levels of $118.88 and $114.87
have been created by previous price movement. We can also see that
the price has broken the support level of $103.57. Therefore, the
price for the next destination might be the $92.84 support
level. This can be seen in the image below: Source:
Tradingview.com Also, taking a look at the 4-hour timeframe chart
with the help of the MACD indicator in the above image, we can see
that the MACD histogram is trending below the MACD zero line. Both
the MACD line and the signal line have crossed and are trending
below the MACD zero line, suggesting that the price of SOL is
bearish and could continue to move downward. A final look at the
chart with the help of the Bull Power Vs. Bear Power Histogram
indicator, we can see that the histograms are trending below the
zero line. This suggests that buyers have completely lost momentum
in the market, and sellers have taken over it. Thus, the price will
tend to move downward. We can see this in the image below:
Source: Tradingview.com Possible Outcomes If The SOL Price
Continues To Drop If SOL continues to drop, we might see the price
moving toward the support level of $92.84. Also, if it manages to
break below this level, the price might move further downward
toward the $79.32 support level. Related Reading: Crypto Platform
Which Predicted Bitcoin To Reach $50,000 Has Released A New Target
Presently, Solana is seeing minor upsides of 1.3% in the last 24
hours, according to data from CoinMarketCap. SOL bulls struggle to
maintain price at $102 | Source: SOLUSD on Tradingview.com Featured
image from Coinfomania, charts from Tradingview.com
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