Solana (SOL) Price Stumbles as Selling Pressure Continues to Rise

Solana (SOL) Faces Third DDoS Attack in 6 Months
  • Solana’s price might fall much further if the selling pressure continues.
  • Solana has been down 3.34% in the last 24 hours.

The New Year will be full of action as per the current market trends for major coins. Between two ascending channels, Solana’s price trajectory was sandwiched by an ascending wedge, which might indicate an oncoming negative pressure. Although the coin’s price may go down in the short run, short-term technical indicators hint at a rise in the coin’s price.

SOL/USDT: Source: TradingView

Now that buyers have gotten in, there is a positive Relative Strength Index above the midline. As a warning, the Awesome Oscillator produced red histograms. There has been a decline in capital outflows recently, and Chaikin Money Flow was also above its median.

Critical $161 Support Trend Line

If there is no price reversal, $225.78 will serve as the overhead resistance level. If SOL continues to rise, it may experience a short-term pause before resuming its upward momentum. The Ethereum killer could fall 13 percent before the bulls plan a comeback at the $161 support trend line.

An overall uptrend can be seen by looking at the daily chart for Solana’s price. The Momentum Reversal Indicator (MRI) has provided a strong top signal, signaling that SOL will reverse. Solana’s price might fall much further if the selling pressure continues to rise and the bears grab the reins, marking the October 10 high of $152.

According to CoinMarketCap, the Solana price today is $192.72 USD with a 24-hour trading volume of $2,282,051,887 USD. Solana has been down 3.34% in the last 24 hours. SOL at present is ranking at number 5 of the top crypto list.

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.