Solana's cost faces resistance at key levels and may decline further if it fails to hold support.
The RSI and MACD indicators suggest increasing selling pressure in the sale.
Market phrase remains cautious as Solana's transaction activity shows reduced buyer interest.
The coin is now trading at $145.83, reflecting a 1.80% reduction over the past 24 hours. The token has shown a downtrend, dropping from a peak of $148.51 earlier in the day. Sales participants are cautious, with SOL's market cap standing at in general $67.99 billion, which has also seen a 1.76% reduction within the same period. This drop suggests a poor sentiment in the sector, despite the bigger crypto exchanges showing minor gains.
Source: coinmarketcap
The previous trading volume for Solana had been around $2.41B, a strong 22.01% decline, showing reduced trading activity and possibly decreased buyer interest. The volume-to-market cap ratio is currently 3.57%, suggesting moderate liquidity in the sector. The circulating supply of the coins stands at 466.27M tokens, out of a total supply of 583.36 million, indicating a large portion of the total supply is already in circulation.
Solana Price Analysis: Indicators Suggest Potential Downtrend Amid Economic Uncertainty
SOL has shown mixed signs on its recent price chart, currently trading around $145.39 with a modest gain of 1.01%. The daily chart shows that SOL has faced substantial obstacles near the 201.92 level, with several attempts to rise above this threshold falling short over recent months. The Fibonacci retracement levels indicate possibility backing at 61.8% (around $160), but a descending channel suggests further downside risk.
The Relative Strength Index is at 47.72, slightly below the neutral level of 50, pointing to a bearish movement. The RSI's recent dip below 50 could suggest that selling tension is mounting, and the economy could experience further declines if this prevalent continues. Additionally, the Moving Average Convergence Divergence shows a bearish crossover, with the MACD line at -1.19 and the signal line at 0.50, signalling a continuation of the selling trend.
Source: tradingvolume
Should Solana fail to hold above the 61.8% Fibonacci retracement level, the next major support could be at 50% (around $138). A break below this level may trigger a further sell-off towards the 38.2% retracement near $120. The chart also hints at a possible move towards the lower support levels at 23.6% ($103) and even a drop towards the chances $100 mark, especially if broader market sentiment remains downtrend.
The post Solana Price Faces Downtrend Amid Low Trading Volume and Bearish Signals appeared first on Crypto News Land.
