SOL Bearish Trend Ends at $28.000 Price Level

Solana market started trending down on the 6th of October and it continued for some period. Buyers tried to salvage the market with strong bullish momentum on the 16th and the 17th of October, but they soon lose their grip on the market. Sellers resume the down-trend with a very strong move that went on for 3 consecutive days between the 18th to the 20th of October. Later in the day on the 21st of October, buyers became strong enough to regain the market. 

 Solana X Market Price Statistic:

• SOL/USD price now: $28.1300
• SOL/USD market cap: $511,616,946
• SOL/USD circulating supply:358,373,708.82
• SOL/USD total supply: 511,616,946
• SOL/USD coin market ranking: #9

Key Levels

Resistance: $28.500, $29.000, $29.500

 Support: $27.500, $27.00, $26.500

Solana Market Price Analysis: The Indicators’ Point of View

Although the Bulls were able to take the market on the 21st of October, they could not break away from the flat market which went on for three days at the current price. This price level is expected to become new support for a new bullish performance that is if this consolidation results in one. For now, a major price direction for the market is not known as the RSI line continuously measures 35% for four days.

SOL/USD 4-Hour Chart Outlook

The Bollinger band shows signs that the trend may break out either way soon because the upper band and the lower band are beginning to converge. The MACD also points to the same thing. An imminent bullish breakout is expected as the faded red histograms are reducing and will soon culminate into a bullish trend. Even the RSI line is facing an upward direction.

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