Bearish Sentiment Takes Over SOL: Cryptocurrency Falls Under the Spell of the Bears!

"Cryptocurrency Market Plummets: Solana's SOL Token Faces Double-Digit Drop in Value"

The cryptocurrency market has been experiencing a significant downturn, with many major cryptocurrencies facing double-digit falls over the week. One such cryptocurrency is Solana, whose native token, SOL, has faced a tumble of 16.08% in just seven days. Currently, SOL is trading at $20.99, after plummeting by 1.67% in 24 hours. Looking at the charts, SOL is currently trading in the red region and continues to fall. The question of whether SOL will continue to fall or experience a trend reversal this week is yet to be analyzed.

The short-term and long-term trend, currently, has contradicting views when it comes to SOL. For instance, the candlesticks are trading below the 200MA, which is considered a bearish signal for the long term. Meanwhile, the MACD line is trading above the signal line, which confirms that SOL would experience a bullish trend in the short-term period. However, the short-term trend’s statement may not be accurate. The MACD line is almost touching the signal line and could go below it. This will confirm that SOL will continue to be under the bear’s influence this week. Moreover, the green bars in the histogram model are diminishing, confirming that SOL could face the bears’ attack soon. If the red bars form in the MACD histogram model, then, SOL will find it difficult to ride with the bulls this week.

The RSI also provides another confirmation that SOL would continue to face a bearish sentiment this week. Currently, RSI is valued at 36.56, indicating that SOL is facing a weak trend. Moreover, the RSI crossed SMA’s path and is below it, confirming that the indicator could continue to go downward. If the RSI reaches the oversold region, SOL would reach the Weak Low region. Furthermore, if the RSI continues to reside in the oversold vicinity, SOL could continue to fall below the Weak Low region and reach the Support level.

Traders need to keep a close eye on the MACD indicator and the RSI before confirming whether SOL would remain under bear’s rule. It is essential for traders to do their own research and due diligence before taking any action. The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Any action taken by the reader is strictly at their own risk, and Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

In conclusion, the cryptocurrency market has been experiencing a significant downturn, with many major cryptocurrencies facing double-digit falls over the week. Solana’s native token, SOL, has faced a tumble of 16.08% in just seven days. Currently, SOL is trading at $20.99, after plummeting by 1.67% in 24 hours. The short-term and long-term trend currently has contradicting views when it comes to SOL, and traders need to keep a close eye on the MACD indicator and the RSI before confirming whether SOL would remain under bear’s rule.

Martin Reid

Martin Reid

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