Solana Price Prediction: SOL Plunges Almost 4% Amid Solana Outage

The #Solana price has fallen beneath the $100 support level, marking a trend of consistent declines characterized by a pattern of decreasing lows and highs. This trend has led to the establishment of a downtrend channel in its 4-hour trading chart. If the current downward momentum persists, Solana (SOL) might also break below the support level at $93.10, potentially setting the stage for a correction towards $85.85 in the near term.

However, if $SOL manages to breach the downtrend channel's upper limit in the next 12 hours, it could negate the current bearish outlook. In such a case, Solana's price might aim to recapture the $100 support level. A 4-hour candlestick closing above this level could serve as a signal for traders to consider a long position, potentially propelling the cryptocurrency towards the next resistance level of $110 in the days to follow.

Solana's Price Outlook Suggests Potential Decline Within 24 Hours

The technical analysis based on the 4-hour chart indicators, including the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), signals a possible drop in Solana's price within the next 24 hours. The MACD line's descent below its signal line indicates that the bearish trend may not be easing anytime soon. Furthermore, the RSI's movement below its Simple Moving Average (SMA) suggests an increase in selling pressure over buying force. This imbalance could make it easier for #SOL to be driven down in the coming days compared to the effort required for bulls to push the price up during the same timeframe.