Solana Set For 28% Upswing As Bull Cycle Emerges Within Range Rally

Solana Releases Network Upgrade Improvement Plan, How It Impacts SOL Price?

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SOL Price Prediction: the Solana coin witnessed a chainsaw movement over the past two months creating a simple structure of the range-bound movement. The consolidation phase is strictly confined between the $26.8 and $20 levels, showcasing the key barrier of this range. However, amid the increasing bearishness in the market, the SOL price plunged back to $20 support arising the question of whether it will bounce back again or trigger a prolonged correction.

Key Points

  • The lower price rejection candles near the $20 support indicate a higher possibility of a bullish reversal
  • The range between $26.8 and $20 can be considered a no-trading zone
  • The 24-hour trading volume in the Solana coin is $302 Million, indicating a 20% gain.

SOL Price PredictionSource-Tradingview

Within the above-mentioned range levels, the Solana price has showcased a V-top reversal from $26.8. The V-top bearish reversal usually signals an aggressive downfall and tumbled the SOL price 24% to revisit the $20 support.

However, despite an aggressive structure of V-top reversal, this downfall was associated with a steady decline in volume activity, indicating weakness in sellers’ commitment.

This low-volume downfall indicates a strong possibility for the price to bounce off the $20 support. The short-term traders can grab this short bullish upswing to the overhead resistance, but the fate of Solana’s near future price depends on the range breakout.

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Thus, a bullish breakout from the $26 barrier will trigger an uptrend continuation which could push the price to follow resistance of $30.5, $34.6, and $39.

On the contrary note, a daily candle closing below $20 may encourage sellers to pull the SOL price to the $15 mark. 

Technical Indicator

MACD: the MACD(Blue) and signal(orange) lines wavering near the midline with multiple crossovers indicates an unclear trend in the market,

Bollinger Band:  the upper and lower band of the Bollinger band indicator aligned with the above-mentioned range levels gives additional weightage to these two technical levels.

Solana Coin Price Intraday Level

  • Spot price: $20.7
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels: $26.8 and $30.3
  • Support levels: $22.4 and $20

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: https://coingape.com/markets/sol-price-prediction-solana-set-for-28-upswing-as-bull-cycle-emerges-within-range-rally/