Published 10 mins ago
SOL Price Prediction: On April 11th, the Solana price gave a high momentum breakout from a resistance trendline which carried a sustained downtrend for the past 10 months. After witnessing multiple reversals from this dynamic resistance, a bullish breakout is an early sign of trend reversal which could drive the SOL price for a massive rally. As of now, the coin price is retesting this breached trendline validating whether this breakout is genuine or not.
Key Points
- The Solana price hints at a temporary pullback to $21.68 or $19.8 before the bull run continue
- The multiple support concentrated near the $21.8 level offers a strong accumulation zone for Solana buyers.
- The 24-hour trading volume in the Solana coin is $510.2 Million, indicating a 15.2% loss.
Source-Tradingview
Amid the recent sell-off in the crypto market, the Solana coin price turned down from a local resistance of $26 on April 17. This correction has tumbled the coin price by 16.5% in the last five days and plunged to its current price of $22.19.
The $21.68 and the breached trendline level at $19.8 are two crucial support that potential buyers should keep their eyes on. If the coin price manages to sustain above these supports, the recuperating bullish momentum will bolster buyers to kick-start a new recovery rally.
Also Read: Best Crypto Exchanges For Recurring Purchases In 2023
With sustained buying, the Solana price may rise to potential targets of $26, $30.5, and $34.5 which is 100% growth as per Trend-based Fibonacci Extension tools.
On a contrary note, a breakdown below $19.8 could undermine the aforementioned bullish thesis.
Technical Indicator
Relative strength index: The daily RSI slope plunged below the midline indicating the negative sentiment in the market is rising.
Exponential Moving Average: The daily EMAs (50 and 100) wavering around the $21.68 level offer additional support to prevent a bearish breakdown.
Solana Coin Price Intraday Level
- Spot price: $22.03
- Trend: Bearish
- Volatility: Low
- Resistance levels: $23.88 and $26
- Support levels: $21.68 and $19.88
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/sol-price-prediction-solana-price-offers-last-pullback-opportunity-before-a-55-rally/