Solana Price at Critical Juncture Aims 30% Rally if Buyers Break this Key Resistance

Solana Price news crypto

Published 10 mins ago

The Solana price gradually narrowing between the long-coming resistance trendline and horizontal support of $19.2 indicates a decisive breakout is nearby. A possible breakout from either of these levels will release the build-up momentum and set a directional rally on the respective side. Here’s how you may grab the potential rally in SOL price.

Key Points

  • The Solana coin price between the resistance trendline and $19.2 has now entered a trading zone
  • The SOL price breakout from either of the aforementioned levels will signal a direction rally.
  • The 24-hour trading volume in the Solana coin is $316 Million, indicating a 26% loss.

Solana Price PredictionSource-Tradingview                                               

In the daily time frame, the Solana price is activity respecting two technical levels which are a long-coming resistance trendline and $19.2 support. Over the past eleven months, the Solana price has been receiving active resistance from this downsloping trendline, giving a particular direction to down-trending crypto.

However, with the recent increase in uncertainty among market participants, the sellers are struggling to prolong this downtrend, and the price has turned sideways above the $19.2 support. Thus, over the past three weeks, the coin price resonating between the falling trendline and $19.2 support created a confined range.

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By the press time, the Solana price traded at the $20.6 mark and had nearly reached the confluence point of our aforementioned technical levels indicating a breakout is nearby.

Thus, a potential breakout from the overhead resistance will signal an early sign that market sentiment is turning from selling on rallies to buying the dip. Furthermore, the post-breakout rally may drive SOL to its first target of $27, registering 30% potential growth.

Conversely, a breakdown below $19.2, may tumble the prices by 17% to reach the $16 support. 

Technical Indicator

RSI: The daily RSI slope wobbling around the midline accentuates an unclear trend in the market.

EMAs: the coin price moving below the trend-defying 100-and-200-day EMAs accentuates the broader market trend as bearish. 

Solana Coin Price Intraday Level

  • Spot price: $20.7
  • Trend: Bearish
  • Volatility: High
  • Resistance levels: $22.5 and $27
  • Support levels: $19.2 and $16

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/solana-price-at-critical-juncture-aims-30-rally-buyers-break-key-resistance/