The price of Solana (SOL) is falling as the new trading week begins. SOL has been testing the lower trading range of the consolidation beginning Jan. 22. On the weekly chart, SOL price has tested multiple weekly support around USD 87 and it could fall towards the lows last seen in August at USD 66.21.
Solana (SOL) price continues to trade lower Monday. Investors expect a reversal from the critical support level. However, downside risk remains intact below $80.0.
At the time of writing, SOL/USD is trading at $87.99, down 3.40%. According to the CoinMarketCap, the 8th largest 24-hour cryptocurrency trading volume stands at $2,233,525,534 with a 60% gain.
SOL Price Is Trading Near Critical Level
On the daily chart, Solana (SOL) price action reversed near the resistance level around $88.0. The price was up 51% from its January low of $80.79. Further, after the swing highs made on Feb. 7 at $122.0 SOL makes a healthy retracement near the reliable support.
Source: Trade View
If the price can maintain the crucial support level, SOL/USD has the potential for reversal. The immediate first target could be found at the psychological level of $100.0, followed by a meeting of the 50-day EMA (exponential moving average) at 121.43.
In addition, a decisive close above the 50 and 200 EMA crossover SOL has the potential to reach the psychological level of $150.0.
On the downside, a sell order spike could mean that failure to sustain the said critical position could drop to the lows last seen in August, near $72.0.
Technical indicators
RSI: The Daily Relative Strength Index (RSI) is holding below 35 and approaching the oversold zone.
MACD: The Moving Average Convergence Divergence (MACD) is floating below the midline with a bearish bias.
Disclaimer
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
This post Solana (SOL) Price Forecast: SOL Retesting Weekly Lows Near $88, It’s Time To Get Involved!
was published first on https://coingape.com/markets/solana-sol-price-prediction-sol-retest-weekly-lows-near-88-is-time-to-enter/
