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Solana (SOL) Technical Analysis: SOL Could Slide Below INR 1000 Soon!

Solana TA

Key Takeaways

Solana (SOL) Technical – Analysis for the Week

The beginning of the weekly trade also the monthly trade, was pretty bearish as the prices kept on sliding since the last couple of days of May. However, the markets attempted to recover in the early trading hours, but only after a 6% to 7% rise, did the price begin to slump down. Currently, the prices have tanked down to their initial levels. 

The bearish pressure may intensify in the next couple of hours which may impact the strength of the rally until the weekend. The price movements and the chart pattern suggest a bearish close for the week, dragging the price below INR 2800. 

Solana (SOL) Technical Analysis at a Glance

Solana’s price is trading within a descending trend for the past 7 months forming constant lower highs and lows. The trading volume through May was reasonably high, yet the price kept on depleting. Hence indicating the bears to have maintained their dominance over the rally. Therefore, if a strong upswing has to ignite, then some record-breaking buying volumes are mandatory. Else, the prices could continue swinging within the same descending channel. 

Short-Term The SOL price seems to have accomplished with a minor recovery and hence a significant plunge appears to be imminent
Mid-Term A short-term bounce may be expected as the selling pressure may diminish soon
Long-Term No doubt a minor buying volume has accumulated but it below the average levels and hence the prices could continue discovering new lows ahead

Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
Relative Strength Index(RSI) 37.96 / 31.45 Sell / Sell
MACD(12,26) -22.55 / -724.82 Sell / Sell
Average Directional Index(ADX) 25.90 / 36.65 Sell / Sell
Bull-Bear Power -126.43 / -690.38 Sell / Sell

Pivot Levels

Pivot Levels Short-Term Long-term
Moving Average(MA)-50 INR 3444.90 INR 5858.97
Moving Average(MA)-200 INR 3619.08 INR 9515.09
Resistance INR 3208.52 INR 11051.09
Support INR 2955.02 INR 1751.29

Oscillators

Oscillators Short-Term Long-Term
Stochastic Oscillator 44.14 30.53
Ultimate Oscillator 32.09 47.08
Average True Range(ATR) 42.77 288.45
CCI -234.03 -120.33

The SOL price at the press time has surged notably, yet according to the technicals, the asset is still drowning in a deep bearish weel. All the indicators in all the time horizons point out toward a ‘sell’ signal. Moreover, the volatility rate is also extremely low and hence no significant movement irrespective of the directions may be expected ahead. Therefore, the SOL price may continue with a descending trend until the bearish pressure eases out. 

SOL/INR Technical-Analysis for Short-Term

Source: Tradingview

SOL/INR Technical Analysis for Long-Term

Source: Tradingview

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