The essential aspect of SOL technology is the proof-of-history consensus that was developed by the founder Anatoly Yakovenko. Solana’s hybrid technology offers the fast processing of transactions and smart contracts. Let us look at the technical analysis for SOL. Past Performance On July 09, 2021, SOL started trading at $33.13. As of July 15, 2021, the closing price of SOL was $28.05. In the last 24 hours, SOL has traded between $28.01 – $30.81. https://ift.tt/2TfKyFL Day-Ahead and Tomorrow At the time of press, SOL is trading at $28.66. It is down by approximately 3.71% from the days’ opening price. Indicating high selling pressure. Therefore, the market momentum seems bearish for the day. The SOL price can test the support level of $25.93 soon. Also, on the daily chart, the MACD and signal lines are moving under the zero range. Moreover, a bearish crossover by the MACD line over the line can be seen, that too in the negative zone. Thus, indicating a short price pullback. However, the lines are near to the zero range. Trend reversal might be on the verge. Therefore, we have to wait and watch if the bulls get active and the buying pressure takes on the selling pressure. In that case, if we see a bullish crossover and the price can break its immediate resistance level at $31.42. SOL Technical Analysis The RSI indicator is at 38.9%, which is constantly falling from the level of 50% mark. Which has acted as very strong resistance in the past as well. Now it has made a 38.9% mark as a support level. Thus, if the sellers remain strong for the rest of the day, it will break the support level and can enter the oversold zone. Hence, we can expect the price to fall for some time. SOL is currently trading below the pivot level of $29.6. As the indicators are showing high selling pressure, thus, we can expect the price to fall and soon, take the support of the Fibonacci level of $26.27. If it breaks down from this level of $26.27, it can retest the long-term support level at $20.
The post SOL Technical Analysis: Trading Below the Pivot Level of $29.6, High Selling Pressure appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
