Solana (SOL) Sees Massive Drop Following Rejection at $50
- Solana’s price outlook show prices declined by over 9% within the past day.
- SOL encountered another rejection at the $50 resistance.
- Continued declines will see prices hitting the $38.65 lower support.
Solana price evaluation reveals bearish tendencies today following a heavy drop, losing more than 9% within the previous 24 hours. SOL attracted attention following its fall to $40.15 on 27 May 2022 since it recorded stable upside movements towards the resistance at $50. Nevertheless, the alternative token could not overcome hurdles around the $48 value region.
If current declines persist, the rejection might see prices plummeting towards the bottom support barrier at $38.65. Nevertheless, this level can attract buyers looking for discounted prices. Solana’s 24hr trading volume declined by over 30%, confirming the token’s bearishness.
Meanwhile, all large-cap cryptos declined after yesterday’s upsurge. Bitcoin lost more than 6% towards sub-$29K. That translated to a bloodbath in the crypto market. Ethereum’s failure to overcome $2,000 has it crashing to explore $1,800 again, losing over 5% in a day. More declines in leading altcoins came from XRP (-3%), ADA (-8%), DOGE (-5%) and DOT (-6%).
Such market developments saw the global cryptocurrency market cap plunging within no time. While publishing this post, the cumulative value of all crypto assets stood at $1.23 trillion. The metric saw a 5.21% decline within the past day.
Daily Timeframe – Sharp Price Declines
The 24hr candle chart shows Solana’s price on a sharp plunge following stable upside movements. The alternative token encountered rejection near $48, failing to challenge the initial crucial resistance barrier at $50. That had the alt heading towards the support of $39.65. Meanwhile, the current decline saw SOL falling beneath 20- and 100-day MA, plus the vital 50-day EMA at $44.62.
Furthermore, the 24hr Relative Strength Index sees a unique plunge into the oversold territory, currently at 32.66. The Moving Average Convergence Divergence forms lower lows by remaining beyond the neutral level with the chance of recording a bearish divergence within the coming 24 hours.
Buyers can step up to defend the ongoing bearish wave around the $38 mark. Nevertheless, the RSI extending its decline into the oversold territory might see SOL revisiting the 12 May 2022 lows at $37.39.
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