Solana (SOL) in Focus: Potential Dip Below 20-day EMA as Sell-Offs Intensify
Friday, 24 May 2024, 10:30
Solana Analysis
Solana broke out of an ascending channel on May 20. With rising selling pressure, the altcoin’s value may witness a further decline.
Solana Bears Are Having a Field Day
- The double-digit decline in SOL’s price in the past three days has pushed it toward its 20-day EMA.
- An asset’s 20-day EMA is a short-term moving average that reacts quickly to price changes.
- The decline in SOL’s Money Flow Index (MFI) confirmed the surge in bearish influence.
SOL's Money Flow Index rests under the 50-neutral line at 48.84, indicating selling pressure prevailing over buying momentum. Long liquidations have led to losses, yet futures traders maintain positive sentiment with a potential price rally if bulls regain control.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.