SOL Price Struggles Below 200-day EMA; Is $100 On The Way?

SOL price continues to trade lower after a massive fall in the last session. Further, the price is expected to continue south following the big red candlestick. However, the formation of a ‘Doji’ suggests a tug of war between bulls and bears.

• SOL price remains muted with no meaningful price action.
• More downside toward if the price approached 0.618% Fibonacci retracement level.
• The upside remains pressured near the 200-day EMA.

SOL price moves south

On the daily chart, the SOL price is struggling below the 0.50% Fibonacci retracement, which is extending from the lows of $77.74. A day before that, the price sliced the critical 200-day EMA (Exponential Moving Average) signaling problem for the SOL buyers.

SOL price tested the lows of March 31 at around $107. Thus, marking it as a reliable demand zone. But a resurgence in the selling could push the price to test the horizontal support level at $100.

On the other hand, a daily close above the 200-day EMA at $114.84 could be a sign of reversal in the trader’s mood. On moving higher, the first upside target could be located at the highs of April 8 around $122.48.

Next, investors shall meet the supply zone at the 0.236% Fibonacci retracement level at $128.37.

As of writing, SOL/USD is trading at $110.20, up 0.20% for the day. The seventh-largest cryptocurrency by the market cap is holding a 24-hour trading volume of $1,507,035,836 according to the CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index remains neutral at 50. The oscillator slipped below the average line on April 5.

MACD: The Moving Average Convergence Divergence advances towards the negative zone.

PVT: The Price Volume Trend declines from the higher reading in correlation with the price.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.