Failing to sustain a bullish trend above $20, the SOL price undergoes a downtrend motion, leading to a death cross. Moreover, the Solana price bearish trend occurs in a falling channel pattern, creating constant lower-high formations.
Currently, the falling prices take rejection from the 50-day EMA with increased supply to break under the 61.80% Fibonacci level.
Despite the remarkable 15% recovery at the start of September, the SOL price failed to surpass the 50-day EMA. Teasing a new negative cycle in the falling, the downtrend bearish candle forming last night triggered a selling spree.
Furthermore, the sideways trend at the $19.25 mark displays a set of long-wick Doji candles warning of a huge overhead selling pressure.
With the $19.45 breakdown, the next credible and strong footing for the Solana coin price is at $17.27. Currently trading at $18.95 with an intraday fall of 0.37%, the bearish pressure may soon crash the altcoin.
Technical Indicators:
Taking a step towards the bearish pitch, the chances of a downtrend in SOL price are increasing incredibly.
MACD indicator: The MACD and signal lines struggle to sustain the bullish gap as the histograms are declining to the zero line. This increases the bearish crossover chances.
RSI indicator: The RSI line reverses in an arch to cross under the halfway line and the 14-day SMA. This projects a solid rise in the underlying bearish sentiments.
Will the SOL price Crash This Week?
With higher price rejection in the daily candle and the ongoing correction, it shows tremendous supply ready to crash SOL price soon. The downtrend may soon reach the $17.45 mark or even the bottom support level of the falling channel.
On the flip side, buyers can attempt to reclaim the $19.25 mark in hopes of a bullish breakout. The upside breakout will push the prices higher to the $22.51 mark.
