Solana price analysis: Range-bound phase inhibits the growth of SOL buyers, how to overcome it?

Solana price is unable to break out of this tight range-bound phase, therefore, the bears looked much more aggressive than the bulls.
The trading volume seems to be lower as compared to the last two weeks, this could be a key reason behind the limited market.
Stoch RSI is attempting to bounce back from the oversold area in the context of the daily price chart.

Solana Coin Follows Market Leader Trend, As Bitcoin Follows Downtrend SOL Reacts To It Also BTC Drops Below $20K Level Today Again, Therefore, Bulls Drive Solana Coin Into Higher Zone failed to maintain.

Recently, Solana made its low on June 13th at $26.05 mark, as there, the price action of SOL coin was unable to break this tight range-bound phase, hence, the bears were very aggressive compared to the bulls. The support and resistance levels of $26 and $43 are still to be breached. Now it remains to be seen who will dominate Solana’s coin next, bull or bear?

Despite the decline, SOL token is in the green zone by 3.5% this week. Meanwhile, the SOL coin is trading at the $34.5 mark at the time of writing.

Bears again turned aggressive for sell-off near the MA ADX indicator. However, SOL price traders below the indicator and if the daily price candle closes below it, the price may retest the short-term support of $30 again.

Meanwhile, the market cap stands at over $11.8 billion as per CMC data, up 2.9% in the last 24 hours. Similarly, Solana and bitcoin pair price is up 1.5% at 0.001748 satoshis.

The trading volume seems to be lower as compared to the last two weeks, this could be a key reason behind the limited market. Hence, bulls need to accumulate altcoins to cross the range bound zone.

Bullish indication on behalf of MACD indicator

The Simple RSI Indicator got rejected near the semi-line (50 mark) twice in the last 15 days. But on the other hand, Stoch RSI tries to bounce-back from the oversold area in the context of the daily price chart. Both indicators cause a bit of confusion.

MACD moves to a higher zone after a bullish crossover.

Conclusion

Solana coin is in a bullish trend despite the retracement phase as candle price remains above previous swing low. Although the Stoch RSI and MACD are showing a bullish trend, the Simple RSI indicator is trending lower.

Support level – $26 and $20

Resistance level – $50 and $100

Disclaimer

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

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Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing