Published 11 seconds ago
SOL Price Prediction: The Solana coin witnessed a chainsaw movement over the past two months, creating a simple range-bound movement structure. The consolidation phase is strictly confined between the $26.8 and $20 levels, showing the main barrier of this range. However, amid increasing bearishness in the market, the SOL price plunged back to $20, raising the question of whether it will rebound or trigger a long-lasting correction.
Key points
- The lower price rejection candles near the $20 support indicate a higher likelihood of a bullish reversal
- The range between $26.8 and $20 can be considered a non-trading zone
- The 24-hour trading volume in the Solana coin is $302 million, indicating a 20% gain.
Source Tradingview
Within the aforementioned range levels, the Solana price has shown a V-top reversal at $26.8. The V-top bearish reversal usually indicates an aggressive downfall and tumbled the SOL price 24% to revisit the $20 support.
However, despite an aggressive V-top reversal structure, this decline was accompanied by a steady decline in volume activity, indicating weak seller engagement.
This low volume decline signals a strong opportunity for the price to bounce off the $20 support. The short-term traders can grab this brief bullish uptick to the overhead resistance, but the fate of Solana’s price in the near future depends on the range breakout.
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Thus, a bullish breakout of the USD 26 barrier will trigger a continuation of the uptrend, which could push the price to follow the USD 30.5, USD 34.6 and USD 39 resistance.
On the contrary, a daily candle closing below $20 may encourage sellers to pull the SOL price towards the $15 mark.
Technical indicator
MACD: the MACD (blue) and signal (orange) lines wavering near the centerline with multiple crossovers indicate an unclear trend in the market,
Bollinger Band: the upper and lower band of the Bollinger band indicator aligned with the range levels mentioned above gives extra weight to these two technical levels.
Solana Coin Price Intraday Level
- Bargain Price: $20.7
- Tendency: bullish
- Volatility: Low
- Resistance Levels: $26.8 and $30.3
- Support Levels: $22.4 and $20
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.