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- SOL price has been trading inside the horizontal range bound area over the daily price chart.
- Solana (SOL) Crypto is trying to recover itself till 20, 50, 100 and 200-days Daily Moving Average.
- The pair of SOL/BTC is at 0.001582 BTC with an intraday gain of 1.17%.
The Solana price has remained stable since June 8th inside a range-bound zone. This existential crisis led to panic selling on the crypto market. Despite the extreme volatility of cryptocurrencies, investors find it difficult to hold onto their own holdings. SOL is one of the digital currencies experiencing an existential crisis as it teeters at a record low. During this turbulent moment, cryptocurrency investors must be as steady as someone with diamond hands. People with diamond hands won’t be as keen to sell their property.
In terms of market value, the Solana price is currently CMP at $30.95, up 3.46% from the day before. The volume of trades during intraday trading has marginally increased by 20%. This suggests that buyers are attempting to enter the market for SOL cryptocurrency.
The daily price chart of the SOL coin clearly shows a decline in price. Due to the market’s ongoing deterioration, the cryptocurrency asset has reverted to the consolidation phase close to the 2021 lows. If the SOL coin price is to increase back to the upper price range of the consolidation period, more buyers must enter the market. SOL is now available for between $27.00 and $42.00. SOL’s price needs to cross the daily chart, which means the volume change, which is currently abnormally low, must increase.
What do Technical Indicators suggest about SOL Cryptocurrency?
Solana investors need to keep an eye on the technical indicators as they are going to signal a positive crossover over the daily chart. Meanwhile, Relative Strength Index showcases that SOL is about to leave neutrality. MACD exhibits that MACD line is about to cross the signal line registering a positive crossover. SOL investors need to wait for any directional change over the daily chart specially on the technical indicators.
Conclusion
The Solana price has remained stable since June 8th inside a range-bound zone. This existential crisis led to panic selling on the crypto market. Despite the extreme volatility of cryptocurrencies, investors find it difficult to hold onto their own holdings. SOL is one of the digital currencies experiencing an existential crisis as it teeters at a record low. During this turbulent moment, cryptocurrency investors must be as steady as someone with diamond hands. SOL is now available for between $27.00 and $42.00. SOL’s price needs to cross the daily chart, which means the volume change, which is currently abnormally low, must increase. MACD exhibits that MACD line is about to cross the signal line registering a positive crossover. SOL investors need to wait for any directional change over the daily chart specially on the technical indicators.
Technical Levels
Support Level: $30.00 and $25.00
Resistance Level: $40.00 and $45.00
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
