In the latest crypto trading session, the trading price of Solana (SOL) has increased the worries of investors. They are not sure whether to support the bullish trend anymore or not.
This is because the bulls are not showing much of an interest in running the bullish trend and pushing the asset’s price higher.
Sentiments are Shifting
Solana price had been surging for a while and it seemed that the situation was in the hands of the bulls. However, the bulls have stopped supporting the asset and its price is now moving in the lower direction.
The price of SOL is still trading close to the high trading figure that the asset had recently achieved. However, the situation may change now that the sentiments of the investors are shifting.
It is apparent from the recent developments that the buyers are no longer interested in supporting the bullish trend. They’d rather take a breather and see how the rest of the investors react as the price of SOL moves lower.
From Today’s Peak Towards a Decline
When the trading session began today, the trading price of SOL started to experience a significant rise. The value of the asset kept on surging and it successfully reached the daily high of $22.11 per SOL.
The investors were glad to see the asset hitting a high level but things did not work out well. Soon, a selling spree was witnessed, which saw the trading price of SOL being pulled to the lower level.
The data shows that the trading price of SOL was pulled to a low of $20.31 and it is still hovering near the same territory.
Prior to declining to the lower levels, SOL had been trading with flying numbers the other day. Yesterday’s trading session saw the trading price of the asset hit a high of $22.95.
The traders tried hard as they wanted the asset to hit a high of $23.00, a level that was hit back on March 2.
RSI is Moving Lower
Due to the recent decline in the trading price of SOL, the RSI for the asset is moving downward as well. The asset has started to record a decline in the RSI, which was at 50.00 yesterday.
As a result of the recent price decline, the RSI has also moved below the midline and it is now at 48.31. The chances are that the asset will continue moving into the lower levels because the RSI movement is suggesting that.
If the RSI falls below the 45.00 level, then more declines would be witnessed. Chances are that the asset may fall below the $20 mark.