Solana Price Crashes Below $130: Crypto Investors In Panic?
Solana Price Crashes Below $130: Crypto Investors In Panic?
Solana price crashed below the $130 level breaking the dynamic support of 200 day EMA.
The recent fall in the broader market has triggered a panic among the short term Investors.
Solana has crashed over 39% from its recent high of $208 formed in March 2024.
Solana price has crashed below the psychological $130 level and the weakness in the broader markets have triggered a panic among the short term traders and investors. The price has slumped, breaking the 200 day exponential moving average thus shifting the long term trend into bearish territory.
At the time of writing, the SOL price was exchanging hands close to $126.3 recording a negative intraday development of 1.73%. The price currently hovers near the annual lows which may break if the panic selling resumes.
Transaction Volume Grows, Despite Fall In The Price!
Recently, Solana crashed after failing to gain ground near the psychological $150 level. The strong selling pressure dragged the price near the annual lows of $130. The SOL price is down over 23.7% as of now this month and is at a risk of falling towards the next $100 demand zone.
<iframe title="Santiment Chart: Price (SOL), Volume (SOL), Price (SOL) MA(50), Price (SOL) MA(200)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2024-03-18T18:30:01.905Z&dt=2024-06-19T18:29:59.905Z&emcg=1&emhwm=1&wm=price_usd;volume_usd;[2;price_usd;MA50];[2;price_usd;MA200]&wax=0;1&wc=#33bd5d;#D2D6E7;#FF5B5B;#FFCB47&ws={"interval":"1d","node":"candle"};;;" scrolling="no"></iframe>
Moreover, the volume analysis shows that the intraday transaction volume has surged by over 207.21% to $2.24 Billion a day. Correlating it with the price it was observed that the transaction volume has constantly been increasing as the price resumed its fall below the $150 level.
It points to the rising participation of the sellers which may result in a continued selloff. The volume to market cap is low at 3.80% indicating low volatility. Solana ranks 5th in the cryptoverse with a live market capitalization of $58.487 Billion.
Can Solana Crash Towards $100!
The Solana crypto seemed to be under a strong selling pressure at the moment which may trigger a breakdown below the annual support of $125 level. Now, If the bulls fail to establish their presence near the $125 level, then the panic selling may resume towards the $100 level.
From a technical point of view, the price has slipped below the all the key exponential moving average of 20, 50 and 200 days indicating a bearish reversal in the long term as well as short term.
At the time of writing, the RSI line was placed near $30.32 points and that of the SMA line was placed near $36.61. Both the lines were hovering below the mean line indicating weakness over the charts. Moreover, a bearish crossover was observed on the charts indicating a trend continuation.
Conclusion.
Solana price has plummeted below $130, signaling a shift to a bearish trend as it broke the 200-day exponential moving average. Moreover, the intraday trading volume spiked by over 207% to $2.24 billion, aligning with a price drop below $150 and suggesting increased seller activity. Despite low volatility indicated by a 3.80% volume-to-market cap ratio the crypto has been under a strong selling pressure.
The SOL price has fallen near an annual low at $125. Now, if the support at $125 fails, SOL crypto may tumble towards $100. Technical indicators show a bearish reversal, with RSI and SMA lines below their mean, hinting at ongoing weakness and potential trend continuation.
Solana price crashed below the $130 level breaking the dynamic support of 200 day EMA.
The recent fall in the broader market has triggered a panic among the short term Investors.
Solana has crashed over 39% from its recent high of $208 formed in March 2024.
Solana price has crashed below the psychological $130 level and the weakness in the broader markets have triggered a panic among the short term traders and investors. The price has slumped, breaking the 200 day exponential moving average thus shifting the long term trend into bearish territory.
At the time of writing, the SOL price was exchanging hands close to $126.3 recording a negative intraday development of 1.73%. The price currently hovers near the annual lows which may break if the panic selling resumes.
Transaction Volume Grows, Despite Fall In The Price!
Recently, Solana crashed after failing to gain ground near the psychological $150 level. The strong selling pressure dragged the price near the annual lows of $130. The SOL price is down over 23.7% as of now this month and is at a risk of falling towards the next $100 demand zone.
<iframe title="Santiment Chart: Price (SOL), Volume (SOL), Price (SOL) MA(50), Price (SOL) MA(200)" width="1170" height="425" src="embed.santiment.net/chart?ps=solana&pt=SOL&df=2024-03-18T18:30:01.905Z&dt=2024-06-19T18:29:59.905Z&emcg=1&emhwm=1&wm=price_usd;volume_usd;[2;price_usd;MA50];[2;price_usd;MA200]&wax=0;1&wc=#33bd5d;#D2D6E7;#FF5B5B;#FFCB47&ws={"interval":"1d","node":"candle"};;;" scrolling="no"></iframe>
Moreover, the volume analysis shows that the intraday transaction volume has surged by over 207.21% to $2.24 Billion a day. Correlating it with the price it was observed that the transaction volume has constantly been increasing as the price resumed its fall below the $150 level.
It points to the rising participation of the sellers which may result in a continued selloff. The volume to market cap is low at 3.80% indicating low volatility. Solana ranks 5th in the cryptoverse with a live market capitalization of $58.487 Billion.
Can Solana Crash Towards $100!
The Solana crypto seemed to be under a strong selling pressure at the moment which may trigger a breakdown below the annual support of $125 level. Now, If the bulls fail to establish their presence near the $125 level, then the panic selling may resume towards the $100 level.
From a technical point of view, the price has slipped below the all the key exponential moving average of 20, 50 and 200 days indicating a bearish reversal in the long term as well as short term.
At the time of writing, the RSI line was placed near $30.32 points and that of the SMA line was placed near $36.61. Both the lines were hovering below the mean line indicating weakness over the charts. Moreover, a bearish crossover was observed on the charts indicating a trend continuation.
Conclusion.
Solana price has plummeted below $130, signaling a shift to a bearish trend as it broke the 200-day exponential moving average. Moreover, the intraday trading volume spiked by over 207% to $2.24 billion, aligning with a price drop below $150 and suggesting increased seller activity. Despite low volatility indicated by a 3.80% volume-to-market cap ratio the crypto has been under a strong selling pressure.
The SOL price has fallen near an annual low at $125. Now, if the support at $125 fails, SOL crypto may tumble towards $100. Technical indicators show a bearish reversal, with RSI and SMA lines below their mean, hinting at ongoing weakness and potential trend continuation.
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