The price of Solar (SXP) has experienced a decline of 4.92% over the past 24 hours, as reported by CoinMarketCap. As a result, the altcoin’s price currently stands at $0.574 at the time of writing. Over the same period, SXP has also weakened against Bitcoin (BTC) and Ethereum (ETH), two of the leading cryptocurrencies in the market. Specifically, SXP is down 2.61% against BTC and 1% against ETH.
Looking at SXP’s daily chart, there is currently a bearish descending triangle chart pattern present. This pattern has emerged as the altcoin has printed lower highs over the past two weeks. At the time of writing, SXP’s price is trading at the apex of the chart pattern, which suggests that a breakout may occur soon. Additionally, the crypto price is also trading close to its 24-hour low of $0.5703.
Based on technical indicators on SXP’s daily chart, it appears that this breakout will be towards the downside. This is because the daily RSI indicator is flagging bearish, and the 9-day EMA line is looking to cross bearishly below the 20-day EMA line at the time of writing. If the chart pattern is validated, SXP’s price will likely drop to the next key support level at $0.4716 within the next 24 hours.
Alternatively, if SXP’s price is able to break above the chart pattern within the next 24 hours, then the altcoin’s price will look to rise to $0.7296 in the coming days. A break above this level will give SXP’s price a clear path towards its all-time high at around $0.941. If SXP’s price breaks above $0.941, it will likely result in a rally for the crypto’s price.
It is important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence before making any investment decisions. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss resulting from the use of this information.
In conclusion, the current state of SXP’s price is uncertain, with both bullish and bearish outcomes possible. However, it is clear that a breakout is imminent, and investors should proceed with caution when making any investment decisions regarding SXP.