Predicting a bearish at $28, will it reach $25? by CoinEdition

SOL Analysis: Bearish SOL Expectations at $28, Will it Reach $25?
  • It breaks the ascending channel and goes down for ten consecutive days.
  • The token is trading below the 200MA, and the RSI value is 45.72.
  • Solana bearish prediction is 28.

Solana stock price has fallen since it broke above the previous ascending channel. Since then, Solana’s price has fallen from $38.93 to $30.04, and as of yesterday, it is up 5.17% to $31.99.

SOL/USDT hourly chart showing RSI (Source: TradingView)

Above is the 1 hour chart of SOL/USDT. The price decline is expected to continue as long as the price is contained within the descending channel. We can expect the price to touch the lower trend line and to show a reversal in the price action. The $20-$30 support level could make or break the situation for the SOL bulls.

SOL/USDT hourly chart showing RSI (Source: TradingView)

The chart above shows that SOL attempted to break out of the 200 moving average and rally higher in September 2022. But the bears dashed the speculators’ hopes and forced the price lower with a 10.40% drop in four hours. At the time of writing, SOL is now trading below the 200MA with more bear pressure in hand.

The SOL RSI is currently at 45.72, which is below 50, which indicates that more traders are selling MATIC than buying. With that said, the RSI SMA is placed below the RSI line and is negatively sloping.

According to CoinMarketCap, Sol is ranked 9th. Within a week, SOL fluctuates between $30.20 and $33.95. There are 1,915,075 sols in circulation, with a value of $32.18. In the last 24 hours, $833,128,983 worth of Solana has been traded. Moreover, the price has fallen by 1.73 percent in the past 24 hours alone.

Disclaimer: Opinions and opinions, as well as all information shared in this price forecast, are published in good faith. Readers should do their own research and due diligence. Any action the reader takes is at his or her own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

Post-SOL Analysis: Expect Bearish SOL at $28, Will it Reach $25? It first appeared in the Coin edition.

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