Will SOL Crypto Rise From Ashes In 2023?

Solana price forecast showcases that the Solana crypto may see further depreciation in its value within the next few months. Price is down by 19.78% over the past month and is facing bearish pressure.

At present, the bears are in charge of the trend, although the bulls attempted to take control. Despite the bullish optimism, the buyers were unable to break above the 200 EMA. Bears regained supremacy over the price action on the 1-day chart.

Solana crypto is trading under the key exponential moving averages within the bear’s grasp. The price is facing resistance from the 50 EMA at present on the daily timeframe. The price is facing substantial selling pressure in the supply zone which indicates that bears may push its value down further in the near future.

The technical indicators suggest that bears hold the edge over the price action. The price pattern, oscillators, EMAs, and volume are moving in tandem, giving similar signals. At the time of writing, SOL is trading at $19.51 with an intraday loss of 0.51%, signaling bearishness. Moreover, the trading 24-hour volume is 43.926K and the last 10 days’ average trading volume is $590.354K.

Is a Bullish Trend Reversal Possible in Solana?

At the time of publishing, Solana crypto (USD: SOL) is trading below the 50 and 200-day EMAs (Exponential moving averages), which do not support the price trend. 

However, if selling volume adds up, the price might go further down and break the lower support levels.

The current value of RSI is 40.07 points. The 14 SMA is above the median line at 40.31 points which indicates that the Solana crypto is bearish.

The MACD line at -0.77 and the signal line at -0.81 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the SOL crypto price.

Summary

Solana (USD: SOL) recently broke the key moving averages and is heading downwards. The bears are in control. Multiple indicators are giving sell signals. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimise losses.

Technical Levels

• Support Levels: $17.54 and $15.37.
• Resistance Levels: $21.47 and $23.64.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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