Solana

Million

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Solana has breached its upward trendline support zone, revealing selling pressure.</a></li>
 <li><span>2</span> <a>This week, SOL slipped below its support mark of $150.</a></li>
</ul>
<p>The<strong> Solana (SOL) price </strong>slipped below the crucial support zone of $150 and is revealing the selling pressure this week.&nbsp;</p>
<p>Amidst the <strong>rounding bottom pattern</strong> and a noteworthy rebound from $120 mark last month, the seller army still has not lost strength and are trying to push SOL below the trendline support to extend the selloff.</p>
<p>Meanwhile, a decisive break and close below the $135 mark would accelerate a selloff, which might push <strong>SOL </strong>toward $100 in the next few weeks. Since the start of this month, sellers looked active and continued to add their short positions, which led to the price drop.</p>
<p>Conversely, if <strong>SOL </strong>regains momentum and reclaims the $155 mark, buyers would regain strength and the downtrend would become invalid.</p>
<p>At press time, <strong>SOL </strong>traded at $144.25 with an intraday surge of 0.06%, reflecting neutrality on the charts. It has a monthly return ratio of -9.20% and 8.43% yearly, reflecting short term weakness.</p>
<p>The pair of SOL/BTC is at 0.00218 BTC, and the market cap is $66.64 Billion. Analysts are neutral and suggest that the <strong>SOL </strong>may display volatile swings ahead.</p>
<h2 class="wp-block-heading" id="strong-could-solana-sol-reclaim-150-amidst-selloff-strong"><strong>Could Solana (SOL) Reclaim $150 Amidst Selloff?</strong></h2>
<p>In the last few trading sessions, <strong>Solana </strong>has faced significant selling pressure and regressed below its key support zone of $150. It breached its upward trendline region and gave a negative outlook over the last few sessions.</p>
<p>Meanwhile, the technicals suggest that <strong>SOL </strong>was trading near its trap zone and might rebound, trapping the bear cartel. If this happens, it would sharply soar toward the $170 mark.</p>
<p>The <strong><a href="https://www.thecoinrepublic.com/2024/02/07/curve-dao-token-forecast-will-crv-price-bounce-back-from-0-47/" target="_blank" rel="noopener noreferrer nofollow">RSI curve</a></strong> dropped to the oversold region and witnessed a negative crossover on the charts. Likewise, the <strong>MACD indicator </strong>displayed a bearish crossover and formed red bars on the histogram.</p>
<p>Its trading volume dropped over 54.34% to $969.27 Million and displays a decline in investor interest. It was ranked 5 in terms of market cap with a total supply of 578.32 million.</p> <iframe loading="lazy" title="Santiment Chart: Price (SOL), Volume (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_usd%3Bvolume_usd&amp;wax=0%3B1&amp;wc=%2326C953%3B%23D2D6E7&amp;ws=%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Analyst @Ali Martinez in his tweet mentioned that Solana has hit a key support level at $141, with the TD Sequential showing a buy signal on the <strong>SOL </strong>daily chart. If this support holds, SOL could rebound for one to four daily candlesticks.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Solana</a> has hit a key support level at $141, with the TD Sequential showing a buy signal on the <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> daily chart! If this support holds, <a href="https://twitter.com/hashtag/SOL?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SOL</a> could rebound for one to four daily candlesticks. <a href="https://t.co/AjQX8CGf1d" rel="noopener noreferrer nofollow">pic.twitter.com/AjQX8CGf1d</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1801948016133173432?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p class="has-text-align-center">Source: X</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3>
<p>This week, the price volatility curve witnessed fluctuations and remained close to the midline region.</p> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (SOL), Weighted sentiment (Total) (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=price_volatility_1d%3Bsentiment_volume_consumed_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Similarly, the weighted sentiment value stayed below the midline region and witnessed a surge over 21% this week.</p>
<h3 class="wp-block-heading" id="strong-development-activity-and-total-open-interest-data-outlook-strong"><strong>Development Activity and Total Open Interest Data Outlook</strong></h3>
<p>The development activity data witnessed a consistent fall and dropped to 64.79 mark, revealing a negative outlook.</p> <iframe loading="lazy" title="Santiment Chart: Development Activity (SOL), Total Open Interest in USD (SOL)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2024-02-11T00%3A00%3A00.000Z&amp;dt=2024-06-10T00%3A00%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=dev_activity%3Btotal_open_interest&amp;wax=0%3B1&amp;wc=%238358FF%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p class="has-text-align-center">Source: Santiment</p>
<p>Furthermore, the futures OI data highlights a long unwinding data and the open interest dropped over 3.29% to $1.8 Billion in the last 24 hours.</p>
<p>The immediate support levels for the <strong>SOL price </strong>are $135 and $120, whereas the key upside hurdle is around $154&nbsp; followed by $165</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p><strong>SOL </strong>dragged below its 100 day EMA support zone and is directing selling pressure in the last trading sessions. It retested its crucial trendline support level and is at a make or break zone.&nbsp;</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.</p>

Solana Breaches Crucial Support: Could SOL Extend The Selloff?

Table of Contents

Thecoinrepublic.com

Other articles published on Jun 16, 2024

BlockDAG Tops CoinSniper with $50.8M Presale as Chainlink Struggles and Litecoin Targets Highs

MoonBag Crypto’s Presale is Predicted to Rocket to $0.25, Unlike Hedera’s Hiccups and Slothana’s ...

Crypto: Euro stablecoins booming despite the EU

Binance and Near Protocol Whales Flock to MoonBag’s 88% APY Rewards in June 2024’s Best Crypto Pr...

Investors Analyze Cryptocurrency Trends

Next Cryptocurrency to Explode Saturday, June 15 — Ethereum Name Service, Raydium, SafePal, Rocke...

Join our free newsletter for daily crypto updates!