SOL Technical Analysis: Price May Soon Fall Below the Fibonacci Pivot Point of $44.70

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Solana is a robust blockchain platform that enables users to build innovative decentralized apps and digital assets. SOL is the native token of this ecosystem. As per recent news, amid the crypto market crash wherein the prices of all other crypto stagnated, the SOL price managed to reach new highs in the last couple of days. Let us look at the technical analysis for the same.

Past Performance

On July 3, 2021, SOL opened at $34.48. As of July 5, 2021, SOL closed at $34.20. Thus, in the past week, the SOL price has surged by approximately 39%. In the last 24 hours, SOL has traded between $43.60 – $46.60

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Day-Ahead and Tomorrow

Currently, SOL is trading at $45.17. The price has increased from the day’s opening price of $43.88. Thus, the market seems to be uptick.

The MACD and signal lines are negative. Hence, the overall market momentum is currently bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Moreover, both the lines are close to the zero line and may change signs soon. Thus, if a trend reversal occurs, the price may go further up. Otherwise, the price may start rising again after a brief price pullback for SOL.

The RSI indicator is currently at 49%. It faced rejection at 37% and rose to the current levels. Thus, buying pressures are gradually building. Hence, we can expect the price to start rising again after some temporary price pullbacks. Thus, the RSI oscillator is giving further credence to the signals given by the MACD indicator.

The A/D indicator has fallen steeply. Thus, whale distributions are much higher than whale accumulations. Hence, the price is likely to decline. In conjunction with the other oscillators, we can say that a price pullback is expected soon.

SOL Technical Analysis

Currently, the price is below the first Fibonacci pivot resistance level of $45.85. It may soon fall below the Fibonacci pivot point of $44.70. If the bearish forces remain strong, the price may fall below the first support level of $43.55, in some time.

The price has tested and fallen below the 50% FIB retracement level of $45.10. The price may fall below the 23.6% FIB retracement level of $44.3, in some time. As of now, the bears are strong and hence we can expect the price downswing to continue today as well as tomorrow.

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