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- Solana price hit a yearly low around the $10 conceptual round level.
- The 20-day moving average was the most immediate resistance level.
- Trading volume fell by 12.3% to $333.7 million in the last 24 hours
For the previous few months, November has been a dreadful month. Because purchasers failed to keep Solana prices above the critical $26 support level this month. This volatile location has transformed into an urgent opposition point.
Solana currency is now trading at $13.58 with the USDT pair, indicating that it is in a rebound trend. Starting with a bearish scenario, a drop of 9% to 30% is probable if the $11 support level is breached. Based on comparable support from much earlier in 2021, the price might fall as low as $7 if the bulls become disappointed once again.
Price structure shows roller-coaster ride nowadays as cost has been making the lower-highs formation in each time frame either daily and weekly. Amid downtrend, Solana Price hit the annual lower level close to $10 ideological round level.
The trading volume fell down therefore speculators witnessed the low price fluctuation this week. Meanwhile, Trading volume lost 12.3% in the last 24 hours at $333.7 Million. Nevertheless, market capitalization is about to meet the $5 Billion figure soon. Furthermore, ADX indicator stays at 40 level, suggesting more declines ahead which may drag SOL price close to $10 support level.
On the daily price scale, the buyers are struggling near the 20-day EMA, which is the most immediate resistance for the SOL bulls. On the other hand, both the RSI indicator and MACD favor the buyers for an increase in Solana Price valuation.
Conclusion
Buyers swung into action when Solana price reached the $10 conceptual round level. He heavily defended this key support level and again he reversed the trend selling close to this area. On the upside, the $20 level could act as the next resistance.
Support level – $10 and $7.0
Resistance level – $20 and $30
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 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.
