SOL trending down and could break support levels. if not then it
Date: June 11, 2024
The current trend for SOL/USDT over the past two weeks indicates a bearish movement. As of today, Solana's price is approximately $148.82, which represents a significant decrease of around 7.43% in the last 24 hours alone. Over the past week, the price has dropped by approximately 9.89%.
Current Performance and Support Levels
Performance: The trend has been predominantly downward, with short periods of consolidation. This suggests that the bearish sentiment is strong, and there has not been a significant recovery in this period.
Support Levels: The immediate support zone is between $158 and $151, aligning with the upper boundary of the daily Ichimoku Cloud and the daily 100 EMA. The lower support levels to watch are around $137.39 and $97.15, with the critical support being at $79.54 if the trend continues downward.
Technical Indicators
Moving Averages: The price is trading below key moving averages, indicating a bearish trend in both the short and long term.
Relative Strength Index (RSI): Currently, the RSI is trending around 60.30 on the weekly timeframe, suggesting that while there is some bullish momentum, the overall market sentiment remains cautious.
Ichimoku Cloud: The price has consistently remained above the Ichimoku Cloud, indicating some underlying bullish potential. However, the failure to break below this cloud is crucial for maintaining any positive outlook.
Market Sentiment
The overall sentiment in the market remains bearish, primarily due to recent declines and volatility. However, there are some bullish indicators based on network activity, such as the increase in active wallets and new token accounts, which could indicate a longer-term positive outlook if the support levels hold and the market stabilizes.
Conclusion
Currently, the trend for SOL/USDT is downward with key support levels between $158 and $151. The bearish trend is strong, but with significant support levels and potential bullish indicators from network growth, there could be opportunities for recovery if the broader market sentiment improves.
For further details, you can review the analysis and price charts from multiple sources including BeinCrypto, Coinalyze, and TradingView.
The current trend for SOL/USDT over the past two weeks indicates a bearish movement. As of today, Solana's price is approximately $148.82, which represents a significant decrease of around 7.43% in the last 24 hours alone. Over the past week, the price has dropped by approximately 9.89%.
Current Performance and Support Levels
Performance: The trend has been predominantly downward, with short periods of consolidation. This suggests that the bearish sentiment is strong, and there has not been a significant recovery in this period.
Support Levels: The immediate support zone is between $158 and $151, aligning with the upper boundary of the daily Ichimoku Cloud and the daily 100 EMA. The lower support levels to watch are around $137.39 and $97.15, with the critical support being at $79.54 if the trend continues downward.
Technical Indicators
Moving Averages: The price is trading below key moving averages, indicating a bearish trend in both the short and long term.
Relative Strength Index (RSI): Currently, the RSI is trending around 60.30 on the weekly timeframe, suggesting that while there is some bullish momentum, the overall market sentiment remains cautious.
Ichimoku Cloud: The price has consistently remained above the Ichimoku Cloud, indicating some underlying bullish potential. However, the failure to break below this cloud is crucial for maintaining any positive outlook.
Market Sentiment
The overall sentiment in the market remains bearish, primarily due to recent declines and volatility. However, there are some bullish indicators based on network activity, such as the increase in active wallets and new token accounts, which could indicate a longer-term positive outlook if the support levels hold and the market stabilizes.
Conclusion
Currently, the trend for SOL/USDT is downward with key support levels between $158 and $151. The bearish trend is strong, but with significant support levels and potential bullish indicators from network growth, there could be opportunities for recovery if the broader market sentiment improves.
For further details, you can review the analysis and price charts from multiple sources including BeinCrypto, Coinalyze, and TradingView.
Disclaimer
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