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Due to the recent downturn in the crypto world, the dip may worsen, leading to a downward trend in the price of Solana (SOL).
Solana Forecast Statistics Data:
- Solana price now – $ 32.15
- Solana’s market value is $11.4 billion
- Solana circulation supply – 354.1 million
- Total supply of Solana – 511.6 million
- Solana Coinmarketcap Rank – #9
SOL/USD market
Key steps:
Resistance levels: $40, $45, $50
Support levels: $25, $20, $15
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SOL/USD may not be able to follow the bullish movement as the coin remains below the 9-day and 21-day moving averages. The price of Solana is currently trading at $32.15, sliding from the high of $33.99 at the time of writing to the lower limit of the channel.
Buy and hold Solana May’s downward spiral
Looking at the daily chart, the price of Solana is moving sideways, any bearish movement towards the lower border of the channel could add short-term selling pressure, and critical supports could come at $25, $20 and $15. Meanwhile, any bullish move above the 9-day and 21-day moving averages could lead to the next resistance levels at $40, $45 and $50.
However, when the relative strength index (14) moves below the 50-level, the technical indicator may start a new bearish session. However, it is not clear how long the session will last, because in the last few weeks, both periods of energy and depression are frequent. Therefore, it is important to look at the resistance and support levels along with the movement of other indicators in the daily chart.
On Bitcoin, the coin’s market price varies with the 9-day and 21-day moving average trading at 1647 SAT. Looking at the daily chart, the bulls can push the price higher if the coin can make a positive move towards the upper boundary of the channel.
However, if the market falls below the moving average, the next key support may come at 1500 SAT and below. On the bullish side, it could push the market above the moving average to hit the resistance level of 1850 SAT and above. As indicated by the technical indicator, the relative strength index (14) may begin to follow a downward trend when the signal line moves to cross below the 50-level.
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