- 1 SOL price shows consolidation and is trading close to the 20-day EMA.
- 2 Buyers are looking to gain strength and are willing to attain momentum.
Solana is consolidating in a narrow range and is waiting for a breakout to surpass the $20 cluster beyond the 200-day EMA. However, buyers need momentum to crash the swing barrier of $22 to extend the buying momentum. Moreover, the price action shows that the SOL price is in a neutral trajectory. However, the trend is intact, and sellers have shown their strength by forming lower lows in the past sessions, indicating SOL could head for the $15 mark.
Recently, Solana price retested the demand zone of $13 and showed a vertical rebound, but the momentum does not last longer, and price retracing slowly & steadily, has slipped below the 200-day EMA. Furthermore, if SOL regains momentum and surpasses the 200-day EMA, a short covering move could be seen, leading SOL to the $25 mark.
Solana price is close to the 38.2% Fib zone, a make-or-break level for the bulls. If any follow-up selling arises that crashes the lower neckline of $18, a sharp fall will redirect SOL to the $15 mark. Conversely, if bulls manage to break out, it will reach the immediate barrier of $25.
At press time, Solana price was $19.23 with an intraday gain of 0.47%, showing neutrality on the chart. Moreover, the trading volume increased by 3.78% to $238.82 Million, and the pair of SOL/BTC is at 0.000725 BTC. However, the market cap of SOL is $7.93 BIllion. Furthermore, analysts maintained a neutral rating, indicating a mildly negative outlook for the following sessions.
Will SOL Escape $30 by End of 2023?
On the daily charts, Solana price is below the cluster of $25, the immediate hurdle. However, sellers have decisively maintained a firm grip there and did not permit bulls to enter the range.
The RSI curve stayed near neutrality, showcasing a bearish divergence which indicates an opposing view for the upcoming sessions. The MACD shows a convergence of the MA line with the signal line showing consolidation in price action.
Solana price is below the immediate swing hurdle of $25. Moreover, the price action shows buyers are trying their best to make it past the $25 level.
Support Levels: $15 and $12
Resistance Levels: $25 and $30
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.