Technical Analysis for SOLUSD for 13th June 2022
Solana Slumps 90% from Peaks, the SOL Meltdown continues
Past Performance of SOL
SOL prices are crumbling in reflection of the entire state of the crypto market. Bears have been relentless, and the sell-off had a massive effect on SOL bulls. At spot rates, the coin is less than $10 from H2 2021 lows. Currently, SOL is down eight percent in the last trading day and 30 percent in the last week of trading.
Solana Technical Analysis
Bears are in control, and SOL prices are trading near 2022 lows. A close above $35 would be ideal for optimistic bulls. However, at the current state and sellers doubling down, every pullback provides entries for sellers targeting $22 in a bear breakout continuation pattern. With confirmation of steep losses from early May 2022, bears are likely to fully unwind gains of the second half of 2021. Thus far, there are hints of weakness with SOL bars banding along the lower BB and diverging from the middle BB pointing to strong selling pressure and high volatility.
What to Expect from SOL
SOL is weighed down by apprehensive traders and fundamental reasons such as network failures. These could feed bears, fueling the sell-off. At the current pace, SOL prices are likely to crumble back to $22 and retest H2 2021 lows.
Resistance level to watch: $35
Support level to watch: $22
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