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According to cryptocurrency analysts, the Solana token is at risk of continuing to fall, dropping by 30%. On the daily timeframe, experts noticed a deviation above the $ 27 resistance area and a further drop below it. Such price movements are considered bearish and often lead to a significant decline.
The technical analysis of the weekly timeframe shows that three weeks ago, SOL $76.12 Solana -0.29% Market capitalization $44.34 billion VOL. 24 hours $95.75 million broke through the downward resistance line that had existed since November 2021. Such breakouts often signal the end of a previous trend and the beginning of a reversal.
However, Solana’s price failed to close above the $ 27 horizontal area, indicating sales pressure. «In addition, the daily RSI risks falling below 50. In this case, Anatoliy Yakovenko’s token is likely to fall to $ 18, reaching the rising support line that has existed since December 2022,» Beincrypto analysts emphasized.
Thus, the long-term outlook for Solana’s price is bullish, while the short-term remains bearish as long as the asset trades below the $ 27 horizontal line. A consolidation above it could lead to a rise to $ 35.
It is worth noting that for several weeks in a row, Solana was the only digital asset in the top 10 list that showed the largest growth over 7 days. However, over the past week, the value of SOL fell by 11%.