|Performance after Wednesday 08-Mar|
Solana (SOLUSDT) price for the week to-date dropped -11.21% or -2.35 lower to 18.62. At time of writing into Thursday’s trading session, Solana has decreased by -7.32% over the past 24 hours. For the record, SOLUSDT is -92.84% below all-time high of 259.96. On Wednesday, SOL dropped -9.09% to 18.41.
On the daily timeframe, price is below 9-Day EMA and Stochastic oscillator is falling but in oversold zone, our analysis is that there could be selling pressure as the outlook looks bearish.
For the month-to-date, SOL is down by -14.94% or -3.27 lower.
What can we expect from Solana today?
Looking ahead for the day, immediate support level is at 17.54 (S1) with break below could see further selling pressure towards 16.68 (S2). For potential buyers, as the current momentum is falling, we prefer to look at firm break of the recent daily high of 20.39 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. Solana need to break on either side to indicate a short-term bias. A close below 18.10 would indicate selling pressure.
For the week to-date, take note that Solana is falling as the pair posted lower, down by -11.21%. Prior performance for the week ending 2023-03-05 was -9.81%.
Key levels to watch out:
Last updated: 02:50 am UTC, 09-Mar 2023