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Solana (SOL) May Struggle to Hold $130 as Bears Aim for Further Decline Beincrypto 2 săptămâni în urmă

Solana (SOL) May Struggle to Hold $130 as Bears Aim for Further Decline 📉

Solana (SOL) has seen a 25% decline in value over the past month, struggling to stay above important moving averages. The downturn weakens market sentiment and indicates a possible extended price decline.

As of August 27, SOL's price fell below both the 20-day EMA and the 50-day SMA. Currently, the 20-day EMA stands at $147.72, and the 50-day SMA at $155.74, while SOL trades at $137.86. These averages act as resistance, indicating strong selling pressure.

Despite a brief rise above these averages on August 24, profit-taking quickly returned the price below them. This reinforces the bearish trend, showing lack of buying interest.

SOL's RSI, now at 40.89 and declining, confirms low buying pressure. Therefore, market participants are more likely to sell rather than accumulate SOL.

In the futures market, negative sentiment mirrors this outlook, with traders increasingly shorting SOL. Since August 28, SOL’s funding rate has remained negative, reflecting a bearish sentiment.

If the downtrend continues, SOL may fall to $133.64, or even $110 if negative sentiment persists. However, a resurgence in demand could see SOL price recovering to $148.27.

Source: beincrypto.com ↗

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