Solana (SOL) Price Action and Technical Analysis

The breakdown from consolidation has shifted the sentiment for SOL to bearish. Additionally, the SOL’s daily chart looks the form a bearish double-top price action pattern, which is yet to be confirmed.

Source: Trading View

Based on the historical price momentum, the last time SOL reached to $160 level it experienced massive selling pressure and fell to the $140 level. However, this time there is a high possibility that SOL could fall again to the $140 level.

Currently, SOL’s open interest also supports this bearishness as it has dropped by 7% in the last 24 hours, indicating reduced interest from investors, according to CoinGlass data.

Whereas, the technical indicator named 200 Exponential Moving Average (EMA) signaling SOL is still in an uptrend as it is moving above it. $SOL #SOL