Will SOL Get Back Inside The Range?

The Solana price prediction indicates that SOL cryptocurrency is currently making efforts to reclaim its position within a horizontal range on the daily chart. To sustain this recovery, SOL needs to attract more buyers. Notably, Solana’s price has been consolidating within this horizontal range since August 17th, but it recently slipped below it on September 1st. Nevertheless, at present, SOL is striving to re-enter this consolidation phase, which could mark the beginning of its recovery phase. The key challenge lies in building buyer confidence to support this upward momentum.

In June 2023, Solana price saw its most significant gains, starting from the $14.16 support zone and reaching as high as $32.40 by July 2023. Unfortunately, SOL cryptocurrency couldn’t maintain its position at this higher level and experienced a decline, becoming trapped within a distribution phase.

Solana’s price was at $19.56 and has gained slightly around 0.05% of its market capitalization during the day’s trading session. However, trading volume has decreased by 31% during the intraday trading session. This demonstrates that sellers are trying to pull SOL crypto back from the neckline. The volume to market cap ratio was 2.36%.

Will Solana Price Highlight Any Directional Change?

The Solana price prediction suggests a significant uptick in momentum, signaling a rebound from the distribution phase seen on the daily chart. However, it’s worth noting that SOL cryptocurrency currently sits below the 20, 50, 100, and 200-day daily moving averages. Nevertheless, there’s a noticeable decline in trading volume, and ideally, we would expect to see an increase in trading activity during today’s session.

For Solana cryptocurrency to break out of its consolidation phase and reach the $32 recovery level, it needs to attract potential buyers. Notably, SOL crypto has seen a 3.65% decrease in the past week and a more significant loss of 13.70% in the last month.

Over the last three months, Solana cryptocurrency has witnessed a decline of 10.54%, and within the last six months, it has fallen by 5.33%. However, in the current year, Solana’s price has shown an impressive recovery, surging by approximately 96.08%. This underscores the significant progress the cryptocurrency has made in its journey to recover throughout 2023.

Technical indicators suggest the struggle of SOL cryptocurrency at the lower trendline. The relative strength index showcases the consolidation of SOL crypto at the current level. Moving average convergence divergence shows the downside trend of SOL price.

RSI was at 37 and is flat below neutrality. The MACD line is below the signal line and waiting for any type of crossover. Investors in Solana cryptocurrency need to wait until the Solana price gains strongly over the daily time frame chart.

Summary

The Solana price prediction indicates that SOL cryptocurrency is currently making efforts to reclaim its position within a horizontal range on the daily chart. In June 2023, Solana price saw its most significant gains, starting from the $14.16 support zone and reaching as high as $32.40 by July 2023. For Solana cryptocurrency to break out of its consolidation phase and reach the $32 recovery level, it needs to attract potential buyers. Technical indicators suggest the struggle of SOL cryptocurrency at the lower trendline.

Technical Levels

Support Levels: $19.20 and $18.85

Resistance Levels: $19.80 and $20.85

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.