Solana price analysis: The SOL price has to fall by 25% in April 2021

The SOL price ranged from $ 25 to $ 28 as of April 8

  • Solana price has suddenly dropped 25% in the past four days, but a huge tail formation could get the uptrend going again.
  • Market capitalization has fallen more than 20% over the past three days.
  • 50 EMA is currently successful in maintaining the price, hovering near $ 24.

https://www.tradingview.com/x/0xC8nDYO

SOLANA prices have risen 150% since the beginning of April and have peaked close to USD 30. A sudden rejection of nearly $ 30 resulted in a 25% price drop. However, a long-tail rejection of 0.382 Fibonacci near USD 21, which is also very close to 50 EMA (yellow), has provided support. In the daily timeframe, 50 EMA is above 200 EMA (white) implying an uptrend, but the downtrend in the RSI could last longer and close in the near-oversold region. Tremendous tailing in the daily timeframe implies that there are enough bulls left to reverse the trend. The market capitalization of the SOLANA COIN is USD 6,082,500,069 (-12.47%) and the 24-hour volume is USD 284,444,163 (+ 22.44%).

EMAs AGAINST BEARS

SOL prices ranged from $ 25 to $ 28 as of April 8. Solana broke through this area today with a huge red candle holder. However, the price is supported by 200 EMA (white) within the 4 hour period. A green candle holder developed from 200 EMA has formed a piercing candle formation. Right now, the price is between two significant levels of $ 25-20.

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The 50 EMA (yellow) acts as a resistance to the price for the time being, but the price is above 200 EMA (white). Both Ema are also still pointing to an uptrend.

The rise in the RSI within the 4 hour timeframe has brought the RSI above the oversold region and could go head-to-head along with prices.

Conclusion

The long-tail rejection in the daily timeframe suggests that prices may start another bull run. However, resistance from various levels could stop this. Early traders should thoroughly analyze the situation before entering.

Resistance – $ 25, $ 30, and $ 50 EMA (4 hours)

Support- $ 20, 50 EMA (daily), 200 EMA (4 hours)

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