The SOL price fell for the third consecutive session. The price opened higher, but gains quickly melted away. On the 4-hour chart, the SOL price fell below the 50-day EMA.
SOL sharpens lower with significant losses on Wednesday. More supply downside as price approaches critical moving averages. The momentum oscillators are tipping in favor of bears.
Source: Trade View
At the time of publication, SOL/USD is trading at $117.50, down 7.30% for the day. The sixth largest cryptocurrency by market capitalization holds the 25-hour trading volume at $2,772,034,065 according to CoinMarketCap.
SOL price moves south
The SOL price remains lower with medium volume. The price was down nearly 20% in three days with no sign of reversal. It is currently trading near the pivotal $120 level. A daily close below the stated level could add further downward pressure in the pair.
Caption: Trade View
Continued selling momentum will cost the SOL price dearly with the immediate target on the 200-EMA (exponential moving average) at $114.89. If the price did not break the sell wave here, all recent gains would be wiped out.
Then, the destination for the sellers can be seen around another critical moving average with a 50-day EMA of $106.
On the downside, if the price manages to close above the vital level of $120.0, it would try to make a move towards yesterday’s high of $136.38 followed by the horizontal resistance level at $140 .
An acceptance of over $140 will open the gates for further higher levels.
RSI: The daily Relative Strength Index is trading below the average line with a negative bias. Currently it stands at 52, a slip below 50 will cause more pain in the couple.
MACD: The moving average convergence divergence is pulling out of the overbought zone. Any decline in the indicator could amplify the negative outlook.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
Rekha started out as a Forex market analyst. Analysis of fundamental news and its impact on the market movement. Develop interest in the fascinating world of cryptocurrency later on. Tracking the market using technical aspects. Investigate analysis of the chain to follow the market.
This post SOL Price Eyes $100.0 Amid Selling Momentum
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