The post Could SOL Extend The Selloff? appeared on BitcoinEthereumNews.com.

The Solana (SOL) price slipped below the crucial support zone of $150 and is revealing the selling pressure this week.  Amidst the rounding bottom pattern and a noteworthy rebound from $120 mark last month, the seller army still has not lost strength and are trying to push SOL below the trendline support to extend the selloff. Meanwhile, a decisive break and close below the $135 mark would accelerate a selloff, which might push SOL toward $100 in the next few weeks. Since the start of this month, sellers looked active and continued to add their short positions, which led to the price drop. Conversely, if SOL regains momentum and reclaims the $155 mark, buyers would regain strength and the downtrend would become invalid. At press time, SOL traded at $144.25 with an intraday surge of 0.06%, reflecting neutrality on the charts. It has a monthly return ratio of -9.20% and 8.43% yearly, reflecting short term weakness. The pair of SOL/BTC is at 0.00218 BTC, and the market cap is $66.64 Billion. Analysts are neutral and suggest that the SOL may display volatile swings ahead. Could Solana (SOL) Reclaim $150 Amidst Selloff? In the last few trading sessions, Solana has faced significant selling pressure and regressed below its key support zone of $150. It breached its upward trendline region and gave a negative outlook over the last few sessions. Meanwhile, the technicals suggest that SOL was trading near its trap zone and might rebound, trapping the bear cartel. If this happens, it would sharply soar toward the $170 mark. The RSI curve dropped to the oversold region and witnessed a negative crossover on the charts. Likewise, the MACD indicator displayed a bearish crossover and formed red bars on the histogram. Its trading volume dropped over 54.34% to $969.27 Million and displays…

---

Filed under: News - @ June 16, 2024 3:18 pm