Can Solana scale $180? Price indicators for SOL

• SOL saw a decline in purchasing momentum over the last few days.
• It is a sign of the return of SOL Bears. 

Solana [SOL] It is likely to decline below its exponential moving average (20-day EMA), signaling a drop in the buying pressure.

It comes after a coin had traded at a higher level than the important moving average. SOL 20-day EMA The average of the last 20 days’ prices. 

If the price of the coin falls below the level set by the market, it will trade at a lower level than the average for the last 20 days. The coin’s price falls below this level, indicating a drop in buyer pressure. 

SOL is seeing a rise in bearish activity

AMBCrypto’s analysis of SOL’s movement on a one-day chart confirms the decline in bullish market activity. 

At the time this article was published, SOL’s Moving Average Convergence Divergence(MACD) indicated that the MACD (blue line) and the signal (orange line) intersected downward. 

A bearish crossover occurs when the MACD line of an asset crosses below its signal line. The recent accent price rise may have lost momentum and the price could fall.

This crossover is often interpreted by traders as a sign to exit or sell long positions and open a short position.

Also, as I write this article the SOL Parabolic SAR Indicator’s dots are positioned on its top price. AMBCrypto discovered that these dots had been in this position since 24 May. 

The indicator can be used to identify potential trends and their reversals. If its dotted line is placed over an asset price, it’s said that the market has fallen. The dotted lines indicate that asset prices have been declining and are likely to continue. 

The value of SOL’s Relative Strength Index(RSI) also hinted that the demand for altcoins was declining. The indicator was at 53.47 and showed a downward trend as of press time. This indicated that the selling pressure had begun to increase. 

Solana’s career is not over

The coin could fall to $162.56 if SOL’s purchasing momentum continues to plummet. 

If this projection proves to be incorrect and bulls take control of the market, altcoins may rise above $170, at $172.73.

SOL/USDT trading view

This is possible in the near future, as SOL’s funding rate on its Futures Market remains positive in spite of recent headwinds. 

You can read more about it here Solana’s [SOL] Price Prediction 2024-25

In perpetual futures, funding rates are applied to keep the price of the contract close to spot. 

If the funding rate of an asset is positive, this indicates a high demand for long-term positions. As per Coinglass’ SOL funding was at 0.0147% as of the press date.