Is Solana in Trouble? Price Dips Under 100-Day Moving Average on 4-Hour Chart

    Despite ⁢its initial peak earlier in‌ the year, ⁤the value of Solana has been on a downward trajectory, failing to ⁢surpass its previous high. This ​cryptocurrency, currently holding the 5th position ⁣in ⁣the crypto market, boasts a total supply ⁣of 440,961,455 SOL and‍ a market capitalization of $58.2 million. The⁣ recent drop⁢ of over 25% from its peak of $118.88 raises concerns about its future direction.

    At the moment, SOL is showing ⁣a minor increase of 2.76%, trading around $102.63, positioned below the ‍100-day moving average‌ over the last 24 hours. The daily ⁣charts display a bearish⁣ candlestick, indicating‌ the ongoing bearish sentiment in the market.

    The 100-day moving average serves as⁤ a crucial indicator of​ an asset’s trend, signaling either an uptrend or downtrend.‍ With Solana’s price currently below this moving average, speculations arise regarding a potential shift from ​an uptrend to a downtrend.

    Insights from the 4-Hour Chart

    A‌ closer examination of⁢ Solana’s 4-hour chart reveals significant ⁣resistance levels at $118.88 and $114.87​ resulting from past price movements. The breach of the support level at ⁢$103.57 ⁣suggests a possible decline towards‍ the next support level at ⁤$92.84.

    Analyzing the 4-hour chart with the MACD indicator‍ indicates a bearish trend as ​the MACD histogram trends below the zero‌ line. Both⁤ the ‌MACD line and signal‍ line crossing ​below the zero line further support the bearish outlook for SOL’s⁢ price.

    Additionally,⁤ the Bull Power Vs. Bear Power Histogram reveals a market scenario where⁤ sellers have gained control⁤ as ‍buyers‍ lose momentum. This imbalance predicts a continued downward movement​ in price.

    Potential Scenarios with Continued Price Decline

    If ​the current downtrend persists, SOL could ⁣target​ the $92.84 support level, with further downside potential ⁤towards ‍$79.32 upon breaching this level.

    As per data ‌from CoinMarketCap, Solana currently shows a minor 1.3% upside movement⁤ in the last ​24 ​hours.

    Solana price chart from (SOL ‍price)

    SOL bulls struggle to maintain price at $102 | Source: SOLUSD on

    Image credits: Coinfomania, charts​ sourced from

    Disclaimer: This ‍article is intended for educational purposes‌ only and does not reflect the views⁤ of NewsBTC on ​investment decisions. Readers are strongly encouraged to conduct their research before engaging in any ⁣investment‍ activities, as investment carries inherent risks. Any reliance on the information provided is at the reader’s discretion and risk.

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