- Solana Price Prediction suggests a rise and remains bullish for the long term.
- SOL Price is near the demand zone and a big move is possible.
- Solana crypto price is stuck in a wide range between $16.00 to $26.00.
Solana Price Prediction suggests a rise and long term outlook remains bullish. SOL price is consolidating in the wide range between $16.00 to $26.00 and likely to break either side soon.
Solana price corrected 26% approx from the recent swing high and trading near to the lower range support. Buyers are trying the best to defend the $20.00 support to keep the short term trend in the favor of bulls.
The SOL crypto price faced a hurdle at the 200 day EMA and slowly it dropped below the 50 day EMA. It shows that the short term as well as positional trend is in a downward direction.
Solana price tried multiple times to break the $24.00 hurdle but due to the presence of strong sellers it got rejected. Slowly and steady prices declined by forming lower lows swings and eroded the majority portion of previous gains.
Solana Price is trading at $19.34 with an intraday rise of 0.62%. The 24 hour volume to market cap ratio is 0.0398. The pair of SOL/BTC is trading at 0.00007372 with an intraday rise of 1.01%.
The chart structure of Solana with the Bitcoin pair is downtrend and sellers seem to be more aggressive as compared to the USDT pair.
Will Solana Price respect the demand zone
Solana Price is mildly bearish but it is near to the demand zone. Therefore, it will be difficult for the sellers to pull the price further down. Till SOL price sustains above $16.00 the probability of bounce back remains high.
If the prices consolidate near $20.00 then it can be interpreted as bears lacking the downside momentum. On the other hand, If the situation gets worse and the price drops below $16.00 then the SOL price will turn bearish.
Moreover, bears will try to drag it down to $12.00 which will hurt the sentiment of long term investors. The technical analysis suggests, SOL price is near to crucial support and possibility of more downside is low.
Will SOL Price recover from support
SOL Price formed a Doji candle on a weekly time frame which shows indecisiveness. It might be an initial sign of short term bullish trend reversal. If the overall market sentiment recovers then it may positively impact the prices of the Solana.
The technical indicators like MACD had generated a negative crossover and histogram bar is declining. It shows prices are mildly bearish and likely to trade with bearish bias. The RSI 39 denotes weakness but price is near to the oversold territory and a relief rally may trigger anytime.
Conclusion
Solana Price Prediction suggests a rise in the long term till it holds the $16.00 support. Presently, SOL Price is mildly bearish but buyers are trying the best to defend the demand zone. The technical analysis suggests, Solana Price is near to the crucial support and sellers may fail to pull the prices further down.
Technical levels
Resistance levels: $24.00 and $26.00
Support levels: $18.00 and $16.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss