SOL Technical Analysis: Will The Bearish Downfall Breach $38?

SOL price action increases selling pressure as the $60 breakout failure puts the sellers back on the pedestal and warns of a downfall under $38. Key technical points: The SOL market value decreased by 5.69% today at press time. The price action shows a descending triangle pattern. The 24-hour trading volume of Solana is $1.358 Billion, indicating a drop of 18%. Past Performance of SOL Following the decline we witnessed in April, the bearish spiral held the SOL prices under immense selling pressure. The bears reduced the market value by 70% over two months, gaining protection at the crucial price of $38. Buyers took advantage of the halt in the downtrend to test the overhead resistance of $60, but the failure of bulls to exceed it led to a descending triangle. Source- Tradingview SOL Technical Analysis Presently, the SOL market price is moving downwards under an upward trendline and is struggling to gain support from $35. Furthermore, the market price remained under all the crucial EMAs and failed to test the 50-day EMA. The RSI slope shows a sideways trend close to the oversold boundary with increasing chances of 14-day SMA fallout. Furthermore, the MACD and signal lines struggle to maintain an uptrend as the bullish spread decreases and warns against a bearish crossover. In a nutshell, SOL technical analysis shows a high likelihood of a downfall cacking under the $38 mark. Upcoming Trend A drop below the support level of $38 ...