- Matthew Dixon tweeted his long-term bearish view for Solana (SOL).
- The CEO shared that he believes there will be a sharp selloff in SOL’s future.
- In related news, the price of SOL is down 1.89% over the last 24 hours.
Matthew Dixon (@mdtrade), the CEO of Evai, tweeted this morning that his long-term view on Solana (SOL) is that there will be “a final push to the upside before a sharp selloff.” He added that the sharp selloff may have a geopolitical theme given that the U.S. economy is currently stable.
At press time, the price of SOL is down 1.89% over the last 24 hours according to CoinMarketCap. Despite the 24-hour drop in SOL’s price, the altcoin’s weekly performance is still in the green at +5.95%. As a result, SOL is currently changing hands at $24.01.
The daily trading volume for SOL has dropped 29.59% over the last 24 hours. This drop in trading volume has brought SOL’s daily trading volume to $524,303,939 at press time.
SOL’s price is resting on the daily support level at approximately $23.89 at press time after dropping below the 9-day EMA line today. This price level will be the second last line of defense for SOL’s price from dropping to the next support level at $22.49.
Technical indicators on SOL’s daily chart are currently neutral, suggesting that SOL’s price may enter into a consolidation phase heading into the weekend. At press time, the daily RSI line is resting on the RSI SMA line. Furthermore, the 9-day and 20-day EMA lines are trading almost parallel to each other.
Should SOL’s price close today’s trading session above the aforementioned price level at $23.89, then the bearish thesis will be invalidated and SOL’s price may look to target the resistance at $25.11.
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