SOL Technical Analysis: Bulls Clinging To Psychological Mark of $100

SOL coin price struggles to withstand the increased selling pressure and float above the $100 mark. Will the downfall continue below the psychological mark? Key technical points: The prices struggle to sustain above the 50-day EMA. The MACD and signal lines give a bullish crossover. Finally, the 24-hour trading volume of Solana is $1.81 Billion, marking an 11.57% rise. Past Performance of SOL SOL coin prices formed a pattern of a falling wedge during the beginning of this year’s quarter that resulted in a 35% drop and then reached $78. But the buyers surpassed the trend and resulted in a bullish break out of the wedge that was falling. However, a reversal rally shattered multiple support levels to retest the psychological barrier of $100. Source-Tradingview SOL Technical Analysis The breakout rally in SOL coin price failed to surpass the $136 level but resulted in an increase of 62% in a fortnight and then breaking above the 50 and 100-day EMA. The failure of the bulls to cross the $150 mark triggered higher price rejection candles to be created which led to a bearish reversal. The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment in the daily chart as the prices struggle to sustain above the 50-day EMA. Hence, the EMAs keep playing the role of providing dynamic resistance. RSI Indicator: The RSI slope surpasses the 50% line after the sideways trend in the nearly oversold zone reflecting a surge in underlying ...