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- The price of Solar (SXP) has dropped more than 4% over the last 24 hours.
- A bearish chart pattern present on SXP’s daily chart suggests that its price will continue to drop.
- SXP’s price breaking above the chart pattern may result in a rally to a new ATH.
The price of Solar (SXP) has fallen 4.92% over the last 24 hours according to CoinMarketCap. As a result, the altcoin’s price stands at $0.574 at press time. SXP also weakened against the crypto market leaders Bitcoin (BTC) and Ethereum (ETH) over the last 24 hours as well. Currently, SXP is down 2.61% against BTC and 1% against ETH.
Daily chart for SXP/USDT (Source: TradingView)
There is currently a bearish descending triangle chart pattern present on SXP’s daily chart as the altcoin printed lower highs over the last 2 weeks. At press time, the crypto’s price is trading at the apex of the chart pattern, which suggests that it may breakout soon. In addition, the crypto price is also trading close to its 24-hour low of $0.5703.
Technical indicators on SXP’s daily chart suggest that this breakout will be towards the downside, as the daily RSI indicator is flagging bearish and the 9-day EMA line is looking to cross bearishly below the 20-day EMA line at press time. Should the chart pattern be validated, SXP’s price will drop to the next key support level at $0.4716 in the next 24 hours.
On the other hand, if SXP’s price is able to break above the chart pattern within the next 24 hours then the altcoin’s price will look to rise to $0.7296 in the coming days. A break above this level will give SXP’s price a clear path towards its all-time high at around $0.941. SXP’s price breaking above $0.941 will likely result in a rally for the crypto’s price.
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