Published 17 hours ago
SOL price prediction: Amid the ongoing recovery in the crypto market, the Solana coin price has been strictly resonating between a long-coming resistance trendline and a local support zone of $19.6-$19.2. This consolidation phase can be considered as an on-trading zone but the coiled-up price may outburst to a significant price movement. Here’s how you can trade the upcoming breakout.
Key Points
- The Solana price will prolong the ongoing downtrend until the overhead trendline is intact
- A potential bullish breakout from the trendline resistance will be an early sign for trend reversal.
- The 24-hour trading volume in the Solana coin is $280 Million, indicating a 21% loss.
Source-Tradingview
Over the last ten months, the Solana coin price has witnessed active selling at a downsloping trendline. Whenever the coin price meets this dynamic resistance, the selling pressure rises which triggers a prolonged correction.
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However, on March 24th, the coin price turned down from this resistance trendline but couldn’t breach local support of $19.6-19.2. As the uncertainty in the crypto market increases, the SOL price spread has been limited between the aforementioned levels.
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Thus, a decisive breakout from either the trendline or $19.2 support will be the key factor to determine the upcoming trend in the Solana coin.
Therefore, if a potential breakout gives a daily candle closing above the trendline, the build-up buying pressure will surge the Solana price 28% higher to hit $26.9.
On a contrary note, a breakdown below $19.2 will intensify the selling pressure and lead the prices to 17% down to hit $16.
Technical indicator
Relative Strength Index: The daily RSI slope wavering around the midline accentuates indecisiveness among market participants.
Exponential Moving Average: the flattish EMAs(20, 50, and 100) indicates a sideways trend in solana price
Solana Price Intraday Level
- Spot price: $20.95
- Trend: Bearish
- Volatility: High
- Resistance levels: $22.5 and $27
- Support levels: $19 and $16
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- Source: https://coingape.com/markets/sol-price-prediction-these-crucial-levels-will-determine-if-solana-price-could-rally-28-or-tumble-17/
