- Solana price slipped below the short-trend bullish trendline on monday.
- The 20 day exponential moving average stood to be an immediate resistance for Solana.
- Trading volume fell 25% in the last 24 hours at $489 Million.
The Solana tumbled close to the 20 day exponential moving average. Buyer had several bullish attempts to overcome selling pressure on the daily price chart. Eventually bears have shown their dominance this week. Asset price is observed at crucial support levels and any rapid momentum may create trouble for either bulls or bears.
SOL on 4 Hours Chart
On the 4 hours price chart, the Solana fell at round level-$30, this zone acts as a buyers hedge zone for short-term. This support level has already pumped SOL value more than thrice in the last two months. Price is likely to recover this week due to buyers’ presence at this point. Meanwhile Bitcoin seems to be stable at $19K.
In the hourly price chart, the 20 day exponential moving average continues increasing selling pressure on SOL coins. Price sustainability above this bullish hurdle will help buyers to hit the upwards barrier of $40.
Due to low buying interest in the crypto market, traders have set trading ranges between $30 to $40 to support resistance. Because of Bitcoin’s price fluctuation, Solana price may see a pump and dump in this price range in October.
At the time of writing, the Solana price against the USDT pair is trading at $30.68 level along with a 1.57% intraday drop. Buyers barely maintain price above $30 level, below this round level price may revisit the annual low. However, Trading volume fell 25% in the last 24 hours at $489 Million.
On the daily price chart, the RSI indicator moved below the half-way (50 level). Its peak aims to meet the oversold level before an exponential price rise. In addition, MACD looks close to neutral along with lower-lows histograms.
Conclusion
The Solana price stands at a crucial level of $30. This round level has a key support level for buyers and price breakdown below this zone may spread nervousness among buyers. below this round level-$30, price may revisit the annual bottom.
Resistance level- $0.065 and $0.090
Support level- $0.055 and $0.050
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/10/13/solana-price-prediction-sol-price-hit-vital-support-level-make-or-break/