Sellers In Control Hints $SOL Price Could Revist $20 – Crypto News – Crypto News
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Sellers In Control Hints $SOL Price Could Revist $20 – Crypto News

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Solana Price Analysis: The fast-recovering Solana coin price has recently faced a sharp reversal from the $32 resistance. Within a fortnight, the 9th largest cryptocurrency tumbled 27.9% and reached the current trading price of $23.34. This correction phase is backed by low-volume activity indicating a temporary pullback as fewer market participants are interested in short positions. How long before the SOL price resumes its prevailing recovery?

Also Read: Solana Price Analysis: Here’s Why $SOL Price Recovery Could Surpass $32

Solana Price Daily Chart

  • A bearish breakout from a lower support trendline hints the SOL price is at risk of a 13.5% fall
  • Several technical supports accumulated near the $22.3 horizontal level create a strong demand zone.,
  • The 24-hour trading volume on the Solana coin is $484.5 Million, indicating a 25% gain.

Solana Price AnalysisSource-Tradingview

In the four-time frame chart, the Solana price shows the ongoing correction shapes into a bullish continuation pattern known as a pennant, This chart setup usually offers a brief resting period to buyers before recuperating exhausted bullish momentum. However, within the intraday loss of 5.61%, the sellers gave a bearish breakdown from the support trendline of this pattern.

The bearish outcome from the bullish pattern is a strong sell signal, indicating the Solana price is poised for a longer correction. If the coin price manages to sustain below the breached support, the sellers would obtain a new resistance to pressurize buyers.

The post breakdown could plunge the price back to $22.5, followed by $20 and $18.5.

Will Solana Price Plunge to $20

With the overall trend bullish, the Solana price should resume the prior recovery once buyers obtain suitable support at a recently reclaimed level. As per the Fibonacci retracement level, the $22.3 horizontal aligned with 50% and $20 level 61.8% FIB level could offer a solid springboard. The anticipated recovery would give its first signal with a bullish breakout of the overhead trendline.

  • Fibonacci retrenchment level: A correction to $22.2 support(50% FIB) would be considered healthy to prolong the bull trend,
  • Exponential moving average: The SOL price moving above 100-and 200-day EMA indicate the market sentiment remains positive

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. 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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