Tech

Solana Price Set for 17% Upswing As Buyers Reclaimed Crucial Support 

03/14/2023
Bitcoin Ethereum News
SOL Price Prediction

Published 12 seconds ago

While the selling pressure in the crypto market eased off, the Solana coin price bounded back from the $17.25 support on March 10th. The bullish reversal surged the coin price by 21.65% in the last four days and pushed it above the $20 psychological level. Thus, the SOL price behavior at this $20 mark will determine its new future price,

Key Points

  • Amid market recovery, the Solana coin price managed to reclaim the $20 level 
  • The SOL price sustainability above the $20 mark could encourage buyers for a 30% upswing
  • The 24-hour trading volume in the Solana coin is $1.3 Billion, indicating a 193% gain.

Solana priceSource-Tradingview

On March 8th, the Solana coin price broke through a psychological support zone of $20. The post-breakdown downfall plunged the coin price 15% where it reached the combined support of 0.5 Fibonacci retracement level and $17.25.

However, with the sudden increase in buying pressure in the crypto market, the SOL price rebounded and immediately recovered the breakdown loss. The altcoin also reclaimed the $20 level offering buyers another opportunity to sustain a higher level.

Also Read: What Is Regenerative Finance (Refi) And Who Is It For?

The Solana coin price currently trades at $20.58 with an intraday gain of 1.88%. If the coin price manages to sustain above the $20 mark, the buyers could drive the recovery rally to $22.3, followed by $26.8.

The $26.8 monthly has registered bullish growth for over two months and thus the potential buyer should remain cautious if the price hits this level.

Technical Indicator

RSI: The daily RSI slope on the verge of entering the bullish territory above the midline indicates the market sentiment is restoring.

EMAs: the daily EMAs(20, 50, and 100) hovering just above the $20 resistance indicates multiple barriers against buyers on the road upwards.

Solana Coin Price Intraday Level

  • Spot price: $20.5
  • Trend: Bullish
  • Volatility: Medium
  • Resistance levels: $22 and $0
  • Support levels: $20 and $17.2

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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-set-17-upswing-as-buyers-reclaimed-crucial-support/