Solana [SOL] Gets Sucker Punched By Bear as Supports Shatter

The new week was not kind to the cryptocurrency market as price points and daily trading volume continued to plummet. Bitcoin’s inability to hold above the $50k mark trickled down to the other alts as well. Solana [SOL], currently 7th on the charts, fell hard in the hourly spectrum as its compatriots fared better.

At press time, Solana was trading for $132.01 while its market cap struggled to go above $40 billion. The 7.5 percent hourly dip played a major role in lowering the daily trading volume to $4.8 billion. Over the past 7 days, Solana fell by a whopping 18.2 percent. On Wednesday, Solana’s market cap was approximately $4.5 billion lower than the sixth-placed XRP.

Solana 1 hour:

Solana’s bearish price action since the 18th caused it to dip to current levels. The immediate support was formed last night at $121, a $10 drop-in 24 hours.

Parabolic SAR: The markers stayed below the price candles after a see-saw movement throughout the week. According to the indicator, the buying momentum in the Solana market had reduced considerably.

Relative Strength Index: The RSI moved on the zero line which meant that the number of people selling their SOL tokens was equal to the HODLers. In the last 10 days, the RSI has only hit the oversold zone threshold once.

MACD: The zero line and the MACD line moved towards each other after converting earlier. Another convergence could be expected soon if the histogram continues to blink green.

Solana 1 day:

Long term support was maintained at $69, a mark Solana bad hit in August. Since then the price has only steadily increased with the latest crash wiping out almost all of September’s gains.

Relative Strength Index: Solana’s daily RSI actually spiked upwards as more users bought into the ecosystem. One could hypothesize that users were “buying the dip” so that they can profit when the token rallies.

Parabolic SAR: The markers here were similar to the hourly spectrum. Solana’s price action would have to reverse to inject some bullish momentum into the ecosystem.

MACD: After converging on September 24th, both the signal line and MACD line diverged from each other. The bear sided with the indicators with the MACD histogram changing its tune to red.

Akash Anand: I am an engineering graduate with a leaning towards content and hard-hitting journalism. The aim has always been to gather the latest happenings in crypto and present it to the world.