Sunday, April 2, 2023

SOL to Target $12.63 If Current Price Drop Continues

  • SOL is currently trading at $13.18 after a more than 5% drop in price.
  • The price of SOL is being held up by the 9 EMA line.
  • If a price drop does occur in the next 48 hours, SOL’s price will target $12.63.

One of the cryptocurrencies in the red for the day is Solana (SOL). According to CoinMakretCap, SOL is currently trading at $13.18 after a more than 5% drop in price over the last 24 hours. The altcoin is, however, still up by 39.05% over the last seven days.

Also in the red zone is SOL’s 24-hour trading volume which currently stands at $767,181,856 after a more than 46% decrease since yesterday. SOL also weakened against Bitcoin (BTC) by 4.81% over the last day.

4-hour chart for SOL/USDT (Source: CoinMarketCap)

The price of SOL is being held up by the 9 EMA line on its 4-hour chart currently. This follows its impressive price move which spanned multiple days over the last week. In this move, SOL’s price climbed from a low of $9.94 to reach a local top at $14.24, before retracing to its current level.

Volatility for the Ethereum-killer has died down after the high levels seen in the altcoin’s meteoric move upwards. SOL’s price may consolidate now if bears don’t enter the market in the coming 2-3 days. Its price is currently being squeezed by the resistance level at $13.44 and the 9 EMA line.

If a price drop does occur in the next 48 hours, SOL’s price will target $12.63. This price drop may have too much built-up momentum that bulls will be unable to overcome, subsequently resulting in a further price drop. The next support target will then be $11.96.

Disclaimer: 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. 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.

  • SOL is currently trading at $13.18 after a more than 5% drop in price.
  • The price of SOL is being held up by the 9 EMA line.
  • If a price drop does occur in the next 48 hours, SOL’s price will target $12.63.

One of the cryptocurrencies in the red for the day is Solana (SOL). According to CoinMakretCap, SOL is currently trading at $13.18 after a more than 5% drop in price over the last 24 hours. The altcoin is, however, still up by 39.05% over the last seven days.

Also in the red zone is SOL’s 24-hour trading volume which currently stands at $767,181,856 after a more than 46% decrease since yesterday. SOL also weakened against Bitcoin (BTC) by 4.81% over the last day.

4-hour chart for SOL/USDT (Source: CoinMarketCap)

The price of SOL is being held up by the 9 EMA line on its 4-hour chart currently. This follows its impressive price move which spanned multiple days over the last week. In this move, SOL’s price climbed from a low of $9.94 to reach a local top at $14.24, before retracing to its current level.

Volatility for the Ethereum-killer has died down after the high levels seen in the altcoin’s meteoric move upwards. SOL’s price may consolidate now if bears don’t enter the market in the coming 2-3 days. Its price is currently being squeezed by the resistance level at $13.44 and the 9 EMA line.

If a price drop does occur in the next 48 hours, SOL’s price will target $12.63. This price drop may have too much built-up momentum that bulls will be unable to overcome, subsequently resulting in a further price drop. The next support target will then be $11.96.

Disclaimer: 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. 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.

 

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