<strong><em>SOL price action increases selling pressure as the $60 breakout failure puts the sellers back on the pedestal and warns of a downfall under $38.</em></strong>

Key technical points:
<ul>
 	<li>The SOL market value decreased by 5.69% today at press time.</li>
 	<li>The price action shows a descending triangle pattern.</li>
 	<li>The 24-hour trading volume of Solana is $1.358 Billion, indicating a drop of 18%.</li>
</ul>
<h2><strong>Past Performance of SOL</strong></h2>
Following the decline we witnessed in April, the bearish spiral held the <a href="https://www.cryptoknowmics.com/news/solana-labs-communications-head-heaps-praise-on-the-solana-network/">SOL</a> prices under immense selling pressure. The bears reduced the market value by 70% over two months, gaining protection at the crucial price of $38. Buyers took advantage of the halt in the downtrend to test the overhead resistance of $60, but the failure of bulls to exceed it led to a descending triangle.

<img src="https://s3.tradingview.com/snapshots/6/6axjmBYa.png" alt="TradingView Chart" />

<strong>Source-</strong> <a href="https://www.tradingview.com/x/6axjmBYa/" target="_blank" rel="noopener">Tradingview</a>
<h2>SOL Technical Analysis</h2>
Presently, the SOL market price is moving downwards under an upward trendline and is struggling to gain support from $35. Furthermore, the market price remained under all the crucial EMAs and failed to test the 50-day EMA. The RSI slope shows a sideways trend close to the oversold boundary with increasing chances of 14-day SMA fallout. Furthermore, the MACD and signal lines struggle to maintain an uptrend as the bullish spread decreases and warns against a bearish crossover. In a nutshell, SOL technical analysis shows a high likelihood of a downfall cacking under the $38 mark.
<h2>Upcoming Trend</h2>
A drop below the support level of $38 will intensify the bearish spiral, gaining velocity to the next support level at $24. However, the bullish breakout from the resistance trendline could trigger a rally that could reach $50. Thus, traders have to be patient with a candle that breaks out on either side before finding an opening higher than certain thresholds.

<strong>Resistance Levels:</strong> $0.40 and $0.50

<strong>Support Levels:</strong> $0.30 and $0.18

SOL Technical Analysis: Will The Bearish Downfall Breach $38?

SOL technical analysis shows an increase in selling pressure as the $60 breakout failure puts the sellers back on the pedestal.

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: Will The Bearish Downfall Breach $38?

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