What’s Next For Solana As The Coin Witnesses Bearish Momentum?
21 Fevereiro 2023 - 07:00PM
The Solana price had managed to surge over 20% in just over a week,
but at the moment, the price remains consolidated. With Bitcoin
staying below the $25,000 belt, altcoins have been experiencing
congested price action below their immediate price ceilings. The
coin has dropped nearly 3% in the last 24 hours and is now trading
below $26. However, the technical outlook for SOL remained
optimistic as demand and accumulation were still positive. Related
Reading: MATIC Price Retraces But Buyers Can Re-Enter At This Level
As the altcoin managed to break above many resistance levels in the
last week, the daily chart is yet to reflect the bearishness. If
demand wobbles, SOL might fall through its local support level.
Solana’s price has been trading between $23 and $26, respectively.
If the altcoin manages to breach the upper belt of the range, then
there could be another rally and a shift to bullish price action.
The market capitalization of Solana fell at the time of writing,
which reflected that sellers had become more active. Solana Price
Analysis: One-Day Chart SOL was trading at $25.29 at the time of
writing. It was trading relatively close to $26, the present
overhead ceiling. Demand for SOL needs another push for the price
to break past the $26 level. If SOL manages to move above that
level, then the altcoin might attempt to trade near $29 before it
starts correcting. Conversely, if buyers don’t exert pressure,
Solana might fall to $23 and then to $21. The amount of Solana
traded in the last session was high, meaning the coin experienced
selling strength. Technical Analysis The altcoin recovered on the
chart, and so did its buying strength, but as SOL lost momentum in
the last 24 hours, buying strength dipped slightly. The Relative
Strength Index noted a downtick, despite the indicator being above
the 60 mark. This reading indicated that even though buying
pressure fell, buyers overpowered sellers. The Solana price was
also above the 20-Simple Moving Average line (SMA), meaning buyers
were driving the price momentum in the market. Despite a fall in
value, SOL continued to depict buy signals on the one-day chart.
The Moving Average Convergence Divergence indicates price momentum
and a change in trend. The indicator formed green histograms tied
to buy signals. Buy signals usually indicate an increase in price
over the next trading session. The Awesome Oscillator also reads
the price trend. Related Reading: “Buy The Dip” Mentality Returning
To Bitcoin? This Metric May Suggest So The indicator formed green
signal bars above the half-line, which signified bullish movement.
Although SOL continues to look cheerful, the inability to cross the
overhead resistance will cause a setback to the altcoin’s price
movement. Featured Image From UnSplash, Charts From
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