The post SOL Price Analysis: Why Solana Can Fall To $17 This Week? appeared first on Coinpedia Fintech News
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 fal
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