The Solana (SOL) price failed to sustain its increase despite a breakout from a bullish pattern. This led to a sharp fall starting on June 5.
The price action and wave count both indicate that more downside is expected until the SOL price eventually bottoms.
Solana Falls Below Long-Term Support
The daily time frame technical analysis for SOL shows that the price has fallen since April 17. Solana created a lower high on June 4 (red icon) before accelerating its rate of decrease. The drop led to a low of $12.80 on June 10.
The decrease was crucial since it also caused a breakdown from the $17 horizontal support area. Before the drop, the area had been in place since the beginning of the year. It is expected to provide resistance again in case SOL retests it.
The weekly RSI provides mixed signs. The RSI is a momentum indicator traders use to evaluate whether a market is overbought or oversold and to determine whether to accumulate or sell an asset.
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Author: Valdrin Tahiri
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