#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $SOL
The price of Solana's stock has decreased by 4%, and it is currently trading at around $125.
In contrast, the daily trading volume of Solana's stock has increased by over 74%.
The downward trend of 4% in the market has led to a sharp decline in cryptocurrency prices, hitting their recent lows. With the fear and greed index reaching 21, the overall outlook remains negative, as most cryptocurrencies have recorded a noticeable decline. It is worth mentioning that Bitcoin (BTC) and Ethereum (ETH) are fluctuating downward.
Meanwhile, Solana's (SOL) price recorded a loss exceeding 4.16%, and it experienced several bounces while trying to escape the downward trap. Due to the strength of the negative outlook, the price of Solana dropped to $124 from its peak of $134.72. There is no way for a quick recovery except in the presence of a steady upward trend.
At the time of writing this report, the price of Solana was trading around $125, with a market capitalization of $71.03 billion. Additionally, the daily trading volume increased by more than 74.65%, reaching $5.05 billion. According to Coinglass data, the market experienced a liquidation of $37.05 million of SOL assets within 24 hours.
Is the price of Solana facing another decline?
When both the Moving Average Convergence Divergence (MACD) indicator and the signal lines for Solana's price appear below the zero line, this indicates strong prevailing bearish momentum. However, momentum may begin to change if the MACD indicator crosses above the zero line.
(SOL chart (Source: TradingView
It is noteworthy that the Chaikin Money Flow indicator, which reached -0.13, indicates moderate outflows in the Solana market. Selling pressure is observed, indicating a distribution of capital rather than accumulation. To stimulate buying again, the Chaikin Money Flow indicator must rise above zero.
With the current price pattern of Solana, it may face a sharp decline and test the support level at the range of $120.36. An extended downward correction leads to the emergence of a 'dead cross' pattern, which is likely to push the price to its previous low of below $115.21.
Conversely, if buyers reappear in the Solana market, the price may rise towards the nearest resistance level at $130.57. Exceeding this level could form a golden cross, supporting recovery and pushing the price towards $135.79.
Moreover, Solana's daily Relative Strength Index (RSI) stabilized at 37.38, indicating weak momentum leaning towards a decline, and the price may reach the oversold area. This level is approaching a potential stability zone. The buying and selling power (BBP) value for Solana at -6.44 indicates strong bearish dominance. Sellers are strongly in control, as downward pressure exceeds buying strength. This also reflects strong distribution rather than an immediate reversal.$ETH
