SOL coin price struggles to withstand the increased selling pressure and float above the $100 mark. Will the downfall continue below the psychological mark?

Key technical points:
<ul>
 	<li style="font-weight: 400">The prices struggle to sustain above the 50-day EMA. </li>
 	<li style="font-weight: 400">The MACD and signal lines give a bullish crossover. </li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Solana is $1.81 Billion, marking an 11.57% rise.</li>
</ul>
<h2>Past Performance of SOL</h2>
SOL coin prices formed a pattern of a falling wedge during the beginning of this year's quarter that resulted in a 35% drop and then reached $78. But the buyers surpassed the trend and resulted in a bullish break out of the wedge that was falling. However, a reversal rally shattered multiple support levels to retest the psychological barrier of $100. 

<img src="https://s3.tradingview.com/snapshots/v/V9ItFKe6.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/V9ItFKe6/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>SOL Technical Analysis </h2>
The breakout rally in SOL coin price failed to surpass the $136 level but resulted in an increase of 62% in a fortnight and then breaking above the 50 and 100-day EMA. The failure of the bulls to cross the $150 mark triggered higher price rejection candles to be created which led to a bearish reversal.

The crucial daily EMAs (50, 100, and 200) maintain a bearish alignment in the daily chart as the prices struggle to sustain above the 50-day EMA. Hence, the EMAs keep playing the role of providing dynamic resistance. 

RSI Indicator: The RSI slope surpasses the 50% line after the sideways trend in the nearly oversold zone reflecting a surge in underlying bullishness. However, a recent correction warns the slope crosses below the 14-day average line.

MACD Indicator: The MACD and signal lines give a bullish crossover after showcasing reversal below the zero line. Hence, the indicator reflects a bullish fightback to regain trend control.

In a nutshell, the SOL technical analysis highlights the double-edged nature of the price action.
<h2>Upcoming Trend </h2>
The <a href="https://www.cryptoknowmics.com/news/solana-based-nft-game-plutonians-to-launch-two-metaverse-and-ecosystem-tokens-on-april-19/">SOL </a>coin price action shows the most recent daily candle is a sign of a major selling that was observed at $108 which resulted in a bearish-looking candle. Therefore, a close below the psychological threshold of $100 would rekindle the bearish trend, and trigger an increase to $88. In a bullish market, the price of a close higher than $108 will guarantee an increase in price to $122.

Support Levels: $100 and $88

Resistance Levels: $108 and $120

SOL Technical Analysis: Bulls Clinging To Psychological Mark of $100

SOL coin price struggles to withstand the increased selling pressure and float above the $100 mark. Will the downfall continue below the psychological mark?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SOL Technical Analysis: Bulls Clinging To Psychological Mark of $100

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