Published 3 hours ago
Solana Price Analysis: Amid the rising FUD in the crypto market, the ninth-largest cryptocurrency Solana is hovering at about $22.4 support. In the last three weeks, the SOL price has bounced twice from the aforementioned support indicating the active accumulation from market participation. A closer look at the daily time frame chart shows this reversal as the formation of a bullish double-bottom pattern.
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Solana Price Daily Chart
- The $22.4 stands as strong support for traders.
- A bullish breakout from $24.4 resistance would set the SOL price for a 12.4% jump
- The 24-hour trading volume on the Solana coin is $486.5.5 Million, indicating a 10% gain.
Source-Tradingview
In the daily time frame chart, the Solana price shows the formation of a double bottom pattern. This pattern is often spotted at the market bottom bolstering buyers for a sustainable rally.
On August 7, the reverted from the $22.4 support. The reversal surged the price by 8.8% and reached the current trading price of $24.36. Under the influence of this chart setup, the surprise is likely to rise another 5.8% to challenge the overhead necklines of $25.7.
A bullish breakout from the above-mentioned resistance line will accelerate the buying pressure and surge prices to $29-$30.
SOL Price Heading to $18?
In case the SOL price witnesses aggressive selling at the $22.4 barrier, the coin price is likely to go sideways and create a narrow range formation. Despite a push from market buyers, the altcoin price walking a lateral path would indicate weakness in bullish momentum. If the sellers take advantage of this uncertainty a breakdown below $22.4 will lead correction phase to $18.7
- Bollinger band: An upswing in the lower band of the Bollinger Band indicator offers additional support to market buyers.
- Relative Strength Index: The daily RSI slope’s potential rise above 60% would reflect strong sentiment among traders.
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-22-4-support-is-a-double-bottom-recovery/