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Solana price analysis: SOL drops heavily after facing yet another rejection at $50

Solana price analysis
TL;DR Breakdown
  • Solana price analysis shows price dropped 9 percent over today’s trade
  • SOL faced yet another rejection around $50 resistance
  • Price could be headed to lower support at $38.65 if decline continues

Solana price analysis is showing bearish signs today as price dropped heavily, recording a 9 percent decline over the past 24 hours. SOL showed some promise after dropping down to $40.14 on May 27, 2022 as it formed a steady increment towards resistance at $50. However, the 9th biggest cryptocurrency in terms of market cap faced yet another rejection around the $48 mark as sellers took over the market.

Price could now be headed towards the lower support region at $38.65 if the current trend intensifies. However, buyers are also expected to come in at a discounted price at that point. The 24-hour trading volume for Solana dropped more than 30 percent, also exhibiting a bearish state of market for the token.

The larger cryptocurrency market crashed once again after yesterday’s uptrend, as Bitcoin dropped down to $30,300 with a 6 percent decline. Ethereum had failed to move above the crucial $2,000 mark even yesterday, and dropped further down to $1,800 with a 5 percent dip. Among major Altcoins, Ripple shed 3 percent to move down to $0.40, while Cardano crashed 8 percent down to $0.56. Dogecoin also dropped 5 percent to move as low as $0.08, whereas Polkadot retraced more than 6 percent to $9.70. Tron recorded the only major increment across the market with a 6 percent uptrend to take price up to $0.08.

Screenshot 2022 06 01 at 11.39.09 PM
Solana price analysis: Cryptocurrency heat map. Source: Coin360

Solana price analysis: Market valuation shows sharp descent on daily chart

On the 24-hour candlestick chart for Solana price analysis, price can be seen showing a distinct decline after a steady period of upward movement. Price faced rejection around the $48 mark, failing to close above the first resistance floor at $50 and is now headed towards support at $39.65. Over the current downtrend, SOL has also fallen below the 20 and 100-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $44.61.

SOLUSDT 2022 06 02 05 54 06
Solana price analysis: 24-hour chart. Source: Trading View

More significantly, the daily relative strength index (RSI) is undergoing a distinct decline into the oversold region and currently sits at 32.66. The moving average convergence divergence (MACD) curve is forming lower lows but continues to sit above the neutral zone with the possibility of making a bearish divergence over the next 24 hours. The current downtrend could be capped around the first support at $39, where buyers are expected to come into the market. However, if the RSI continues to shed further into the oversold region a revisit of the May 12, 2022 low of $37.39 could come into play.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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