SOL Loses 10% in a Day, Now Facing Critical Support (Solana Price Analysis)

Solana lost over 10% in the last 24h as the market turned bearish. Now, the price is at critical support.

Key Support levels: $35, $27

Key Resistance levels: $44, $59

With SOL approaching the key support at $35, buyers have a difficult task ahead of them to stop the current downtrend. If they fail, then the next support level is found at $27, which is the 2022 low. The resistance at $44 continues to hold back any attempts from Solana to break away.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is in red but falling. Sellers’ conviction will soon be tested at the critical support.

RSI: The daily RSI fell under 50 points in the past two days and continues to go lower. The RSI is about to make a lower low if this trend continues.

MACD: The daily MACD just did a bearish cross today. This is a significant signal that the trend has changed.

Chart by TradingView

Bias

The short-term bias for SOL is bearish.

Short-Term Prediction for SOL Price

With the price action turning bearish, Solana is about to test the key support at $35. It is critical for the cryptocurrency to hold it. Otherwise, its price may fall much lower. The support at $27 could be retested if the overall market remains bearish.