koinmilyoner
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Bullish
💥 SOL Under Pressure — Breakdown Confirmed?
The price of Solana closes below its daily support level of $184.13, which means that the price is weak.
The on-chain statistics suggest that SOL's Spot Taker CVD is negative, which means that the sell side is in charge.
Technical analysis shows that momentum indicators are weak, which might mean a short-term decline.
Solana (SOL) is trading in the negative below $183 right now, on Tuesday, after closing below its critical support level the day before. Spot Taker Cumulative Volume Delta (CVD) going negative, which means that the sell side is becoming more dominant, adds to the bearish argument for SOL. The technical analysis suggests that the momentum is slowing down, which has people worried about a possible short-term drop.
The graph below shows CryptoQuant data that shows there is a lot of selling pressure on Solana. Last week, the Taker CVD (Cumulative Volume Delta) for SOL went below zero, and the figure has been going down ever since. This indicator shows the total difference between the number of market buys and sells over the last three months. If the 90-day CVD is positive and rising, it means the Taker Buy Dominant Phase is happening. If it is negative and falling, it means the Taker Sell Dominant Phase is happening.
The platform's gloomy prognosis is further supported by a recent drop in traders' interest and liquidity on the SOL chain. According to Artemis Terminal statistics, the trade volume on SOL Chain's decentralized exchange (DEX) has been going down continuously since early July.
Price Prediction for Solana: Bears are in charge of the momentum
On Wednesday, Solana's price hit a high of $205.34 on February 14 and was turned down. It dropped 10.29%. But for the following three days, SOL stayed around its daily level of $184.13 and closed below it on Monday. As of Tuesday, when I wrote this, it was trading at around $181.43.
If SOL bounces back and closes above the daily resistance level of $184.13, it might keep going up to the next resistance level of $205.34.
#Solana #sol $SOL
The price of Solana closes below its daily support level of $184.13, which means that the price is weak.
The on-chain statistics suggest that SOL's Spot Taker CVD is negative, which means that the sell side is in charge.
Technical analysis shows that momentum indicators are weak, which might mean a short-term decline.
Solana (SOL) is trading in the negative below $183 right now, on Tuesday, after closing below its critical support level the day before. Spot Taker Cumulative Volume Delta (CVD) going negative, which means that the sell side is becoming more dominant, adds to the bearish argument for SOL. The technical analysis suggests that the momentum is slowing down, which has people worried about a possible short-term drop.
The graph below shows CryptoQuant data that shows there is a lot of selling pressure on Solana. Last week, the Taker CVD (Cumulative Volume Delta) for SOL went below zero, and the figure has been going down ever since. This indicator shows the total difference between the number of market buys and sells over the last three months. If the 90-day CVD is positive and rising, it means the Taker Buy Dominant Phase is happening. If it is negative and falling, it means the Taker Sell Dominant Phase is happening.
The platform's gloomy prognosis is further supported by a recent drop in traders' interest and liquidity on the SOL chain. According to Artemis Terminal statistics, the trade volume on SOL Chain's decentralized exchange (DEX) has been going down continuously since early July.
Price Prediction for Solana: Bears are in charge of the momentum
On Wednesday, Solana's price hit a high of $205.34 on February 14 and was turned down. It dropped 10.29%. But for the following three days, SOL stayed around its daily level of $184.13 and closed below it on Monday. As of Tuesday, when I wrote this, it was trading at around $181.43.
If SOL bounces back and closes above the daily resistance level of $184.13, it might keep going up to the next resistance level of $205.34.
#Solana #sol $SOL
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
SOL
167.75
+2.92%
