Published 17 hours ago
Amid the recent uncertainty in the crypto market, the Solana coin price resonated in a defined range stretched from the $15 to $11.9 mark. The consolation phase lasted for around six weeks. And offered a short break period for sellers before resuming the downtrend. Thus, prices may rebound from $9.95 support to replenish bearish momentum.
Key points
- A potential bullish reversal from the $9.45 support may encourage a bullish upswing of 20%
- The oversold RSI increases the possibility of a bullish reversal
- The 24-hour trading volume in the Solana coin is $1.15 Billion, indicating a 162% gain.
Source-Tradingview
On December 22nd, the coin breached the $11.9 support and tumbled price 20% down to hit the $9.45 mark. Furthermore, the sellers tried to breach this level, but the buyers are aggressively defending this level.
On December 29th, the daily candle showed a Doji-type candle with long wicks on both sides. This indecisive candle after a sharp fall suggests the market participant are struggling to carry on the further downfall.
By the press time, the SOL price trades at $9.84 and trying to sustain above the $9.45 support. With sustained buying, the coin holders may witness a relief rally to retest the $11.85 breached support.
However, with ongoing negativity in the crypto market, this temporary bullish recovery may turn down the prices from the $11.85 mark and resume the prior downfall.
On a contrary note, the bearish thesis will weaken if the SOL price breaks out from the mentioned resistance.
Technical indicator
RSI: the indicator value at 28% indicates the traders have overextended the selling activity. Moreover, the RSI slope reverting from this oversold region increases the possibility of a relief rally to stabilize the excess selling.
EMAs: The large gap between the downsloping EMAs(20, 50, 100, and 200) accentuates an established downtrend. Moreover, the 20-day EMA act as dynamic resistance to SOL price.
Solana Coin Price Intraday Levels
- Spot rate: $9.93
- Trend: Bullish
- Volatility: High
- Resistance level- $11.9 and $15
- Support level- $9.44 and $7.6
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-coin-losing-streak-stalls-at-9-5-ssupport-will-price-recover-again/