May’s SOL Price Trend: What’s on the Horizon for Solana?

The Solana (SOL) price is in danger of breaking below a long-term ascending support line, which has been in place since the start of the year. This could mean that the ongoing upward trend has ended and lead to a sharp decrease towards the nearest support. The price has fallen since April 20 and is expected to continue to do so based on technical analysis and the Elliott Wave theory, which suggests a bearish trend. The RSI gives a neutral reading, indicating that traders should be cautious. The closest support area is at $17, while the next resistance is at $26. If the price rises above $26, the trend is still bullish, and it may continue to rise towards $32. As with any investment, potential investors should make their own decisions based on research and professional advice.