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- The Solana coin (SOL) is observing bullish after breaching the narrow sideways zone.
- Buyers struggle at the 50-day moving average in terms of the daily price scale.
- The MACD indicator is increasing higher into the negative region.
The Solana coin (SOL) seems to be bullish for the past several days. The price action of SOL coin is suggesting the higher-lows and higher-highs formation in hourly time frame. Meanwhile, the Solana coin against the USDT pair is trading at $35.5 Mark under the press time along with a 5% intraday decline.
Recently the Solana coin slipped below the rising wedge pattern over the daily price scale on 18 August 2022. Later on, SOL Moved lower and went into accumulation phase close to september low. Buyers well accumulated the SOL coin near the $30 level, which turned into the vital hedge zone of buyers.
Solana coin is trading higher above the 20-day moving average in terms of the daily price scale. The 20-DMA stood to be a directional trend indicator, above this zone buyers take a deep breath of defense. On the other hand, in intraday trading sessions, Buyers struggle at the 50-day moving average (Red).
After accumulation, the SOL price shows a bullish trend as for the past three weeks. In fact, this week also SOL is up 1% so far. Trading volume recorded at $1.38 Billion in the last 24-hours. Furthermore, the SOL/BTC pair is down 1.7% at 0.001667 Satoshis.
RSI Suggests Retracement Phase
The MACD indicator continues moving higher in the positive region after a bullish crossover. Besides, the RSI indicator again approaches to halfway after getting rejection at 60-level, this could be a retracement phase in SOL price.
Conclusion
The Solana coin (SOL) is looking bearish after seeing today’s price drop. But buyers have a significant support like 20-day moving average and $30-support level. Today’s drop could be a sign of a retracement phase if buyers manage the SOL price above 20-DMA ahead.
Support level- $30 and $25
Resistance level- $48 and $60
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
