Solana Price Prediction Today, October 10, 2022: SOL/USD Is Consolidating

SOL/USD price movements currently lack a decisive market direction as price action moves sideways. However, there are signs which cannot be ignored in this market, as they hint at upcoming profitable movement.

Solana’s Analysis Statistics Data:
SOL’s value now: $33.06
Solana’s market cap: $11.80 billion
SOL’s moving supply: 357.16 million
Total supply of SOL: 511.62 million
Solana’s Coinmarketcap ranking: #9

To this effect, we shall further study these signs, to derive what could likely happen in this market, so that the resulting moves can be properly utilized. This approach will as well be extended to the SOL/BTC market, for the same purpose as that of the SOL/USD market.

Crucial Price Levels:
Ceiling Levels: $33.06, $34.00, $35.00
Floor Levels: $32.80, $32.00, $31.80

Solana Price Prediction Today October 10, 2022: SOL/USD Retraces to the Downside

Studying the SOL/USD daily chart, we can perceive that price candles can be seen moving sideways. This consolidation period began around the 15th of last month and has been extended till now. Furthermore, the applied Bollinger indicator appears to be getting narrower as it progresses. This behavior of the Bollinger indicator tells that this market is about to take a direction. Also, the RSI faster line is now showing a minor correction towards the slower one. Additionally, the last candle on this chart portrays the activities of the bulls, which has placed the price of Solana just on top of Bollinger’s MA. Summing up all the signs here traders should anticipate an upside move, and Traders can place a buy order around $33.45. This is because a strong uptrend from here will break the fib resistance level of 78.60 to the upside.

Solana Price Prediction Today October 10, 2022: SOL/BTC Eyes Breaking the Fib Level 50

Price action on the daily SOL/BTC chart portrays minimal attempts to break a higher resistance level formed by the Fib level 50. The last candlestick on this chart pushed the price a bit closer to the MA of the applied Bollinger indicator. Additionally, it could be observed Bollinger bands are contracting lately.

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Furthermore, the Stochastic RSI indicator lines have performed a crossover at the highly sold zone. However, their movement to the upside has been haphazard, due to selling pressure. These lines are now at the 21% and 14% levels. Should buyers stay in control, price action will break the fib level 50 to the upside, to reach around 0.0018500. Therefore, to catch any resulting uptrend traders can’t position a pending buy order above the MA, but below the Fib level 50.

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