{"id":396302,"date":"2024-06-01T12:30:35","date_gmt":"2024-06-01T07:00:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=396302"},"modified":"2024-06-01T10:58:27","modified_gmt":"2024-06-01T05:28:27","slug":"is-solana-headed-for-a-drop-key-support-at-159-may-give-way","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-solana-headed-for-a-drop-key-support-at-159-may-give-way\/","title":{"rendered":"Is Solana headed for a drop? Key support at $159 may give way"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Solana&#8217;s price is likely to reach $153 if the key support level is broken at around $159.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Bearish momentum for Solana was confirmed by on-chain metrics and the technical indicators.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/solana-hits-175-faces-pullback-whats-next-for-sol\/\"><span style=\"font-weight: 400;\">Solana [SOL]<\/span><\/a><span style=\"font-weight: 400;\"> price was consolidating at press time to form a pennant pattern after a significant upward surge in the last three months. Solana was showing a bearish momentum despite the bullish pattern. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The price is accumulating in a bearish movement toward the resistance level that turned to a support at $159. If this support level is broken, the price could plunge further to fill the fair value gap at around $153.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of this writing, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/solana\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">coinmarketcap<\/span><\/a><span style=\"font-weight: 400;\">, Solana&#8217;s price was at $168 indicating a 0.68% increase in the last 24 hours and a 1.3% increase in the last seven days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its market cap stands at around $77 billion while trading volume stands at $77.2 billion, a 12.4% increase in the last 24 hours.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite the price having a slight rise, the bullish momentum is diminishing.<\/span><\/p>\n<figure id=\"attachment_396306\" aria-describedby=\"caption-attachment-396306\" style=\"width: 1515px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1.png\"><img decoding=\"async\" class=\"wp-image-396306 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1.png\" alt=\"\" width=\"1515\" height=\"797\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1.png 1515w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1-1024x539.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1-768x404.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-18-25_82cd1-1200x631.png 1200w\" sizes=\"(max-width: 1515px) 100vw, 1515px\" \/><\/a><figcaption id=\"caption-attachment-396306\" class=\"wp-caption-text\">Source: Trading view<\/figcaption><\/figure>\n<h2><strong>Are the metrics signaling bearish sentiments?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto analysed the Santiment social volume indicator and found an increased volume in the short-term and a predominantly decreasing volume trend. The metrics align with the bearish momentum on the SOL price .<\/span><\/p>\n<figure id=\"attachment_396307\" aria-describedby=\"caption-attachment-396307\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume.png\"><img decoding=\"async\" class=\"wp-image-396307 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-social-volume-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-396307\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto further analysed the long\/short ratio from coinglass which indicated more short positions than long positions for Solana. The ratio indicates that investors are anticipating a further plunge in price which affirm the bearish pattern.<\/span><\/p>\n<figure id=\"attachment_396308\" aria-describedby=\"caption-attachment-396308\" style=\"width: 1276px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass.jpg\"><img decoding=\"async\" class=\"wp-image-396308 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass.jpg\" alt=\"\" width=\"1276\" height=\"339\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass.jpg 1276w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass-300x80.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass-1024x272.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass-768x204.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Sol-long_short-ration-Coinglass-1200x319.jpg 1200w\" sizes=\"(max-width: 1276px) 100vw, 1276px\" \/><\/a><figcaption id=\"caption-attachment-396308\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Tradingview chart indicator MACD indicated a bearish momentum on SOL that could break the $159 support level and drop to $153.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The MACD line below the signal line indicated a bearish crossover with the large negative histogram bars affirming the downward price momentum. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The stochastic RSI(34.4)is not within the limits but it is leaning towards the the lower bound indicating a neutral to slightly oversold market.<\/span><\/p>\n<figure id=\"attachment_396309\" aria-describedby=\"caption-attachment-396309\" style=\"width: 1515px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a.png\"><img decoding=\"async\" class=\"wp-image-396309 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a.png\" alt=\"\" width=\"1515\" height=\"797\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a.png 1515w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a-300x158.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a-1024x539.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a-768x404.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/SOLUSD_2024-05-31_13-25-55_bde8a-1200x631.png 1200w\" sizes=\"(max-width: 1515px) 100vw, 1515px\" \/><\/a><figcaption id=\"caption-attachment-396309\" class=\"wp-caption-text\">Source: Tradingview<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">SOL Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Technical indicators and on chain analysis align to indicate a possible bearish momentum to the fair value gap at $153.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">MACD showed declining momentum which was confirmed by the Stochastic RSI. However, if the price fails to break the support level, a possible bullish run is likely.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solana&#8217;s price may hit $153 if the support level at $159 is broken with bearish indicators and social volume trends confirming.<\/p>\n","protected":false},"author":93,"featured_media":396349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,6376,20],"tags":[6427],"class_list":["post-396302","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-solana-news","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Solana headed for a drop? 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