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.
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.
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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