Solana Price Prediction: SOL Price Eyes $100.0 Amid Selling Momentum

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SOL price fell for the third session consecutively. The price opened higher but the gains fizzled out quickly. On the 4-hour chart, the SOL price slipped below the 50-day EMA.

  • SOL edges lower with significant losses on Wednesday.
  • More downside on the offer as the price approaches critical moving averages.
  • The momentum oscillators tilt in the favour of bears.
    Source: Trading View

As of publication time, SOL/USD is trading at $117.50, down 7.30% for the day. The sixth-largest cryptocurrency by market cap is holding the 25-hour trading volume at $2,772,034,065 as per the CoinMarketCap.

SOL price moves south

SOL price continues to trade lower with average volume. The price retraced nearly 20% in three days with no sign of reversal. Currently, it trades near the crucial $120 level. A daily close below the mentioned level could see more downside in the pair.

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Caption: Trading View

The continued selling momentum will cost dearly to SOL price with the immediate target at the 200-EMA (Exponential Moving Average) at $114.89. If the price didn’t pause the selling spree here then all the recent gain would be wiped out.

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Next, the destination for the sellers could be spotted around another critical moving average at a 50-day EMA of $106.

On the flip side, if the price manages to close above the vital $120.0 level then it would try to make a move toward yesterday’s high of $136.38 followed by the horizontal resistance level at $140.

An acceptance above $140 will open the gates for further higher levels.

Technical indicators:

RSI: The daily Relative Strength Index trades below the average line with a negative bias. Currently, it reads at 52, a slippage below 50 will cause more pain in the pair.

MACD: The Moving Average Convergence Divergence retreats from the overbought zone. Any downtick in the indicator could strengthen the negative outlook.

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