SOL may keep declining: Sellers put pressure on the altcoin

• Solana’s (SOL) price has experienced a pullback, indicating a potential buying opportunity.
• Technical indicators suggest SOL’s price might continue to decline in short-term.
• Cryptocurrency trader Benjamin Cowen forecasted a short-term decline in SOL’s price.

Over the last 24 hours, Solana’s price has experienced a pullback, currently trading at the lower end of the Bollinger Bands (BBANDS) indicator. While this is typically interpreted as a potential buying opportunity by traders, other technical indicators on SOL’s daily chart imply that the cryptocurrency’s price might continue to decline over the next 24-48 hours.

At the time of writing, the price of SOL was positioned at the lower end of the BBANDS indicator, which could be interpreted as a buying opportunity by market participants. Nevertheless, a bearish technical flag that has been activated in the last 48 hours could undermine this optimistic viewpoint, leading to a sustained decrease in the value of this altcoin in the upcoming days.

Over the past 48 hours, the daily Moving Average Convergence Divergence (MACD) line has intersected beneath the daily MACD Signal line. This indicates a momentum shift towards the sellers for SOL. As a result, the cryptocurrency may retest the subsequent support level of $17 in the upcoming days.

If SOL’s price falls below this point, it could drop to the critical support level of $12.75 within the next two weeks. Conversely, a daily candle close above the 9-day EMA line, approximately at $19.26, could negate the bearish outlook within the next 48 hours.

In this situation, the price of SOL could garner the necessary support to surpass the $25 level in the forthcoming days. Following this, a daily closure beyond this point may position the altcoin for a continued upward trajectory, potentially reaching $35 by the end of the month.

In a recent tweet, cryptocurrency trader and analyst Benjamin Cowen forecasted a potential short-term decline in the price of SOL. He highlighted in his message that it is typical for altcoins, particularly those undergoing their initial bear market, to revisit their previous lows.

As of the latest update, SOL is yet to counter the significant selling pressure reflected in its charts, with its price experiencing an additional 1.08% decrease in the last trading day. CoinMarketCap data shows that the altcoin is currently trading at $18.34. It’s worth noting that SOL’s weekly performance is also significantly negative, registering a decline of -6.98%.