Solana Price Could Surge To $30 Upon Overcoming This Resistance
03 Agosto 2023 - 7:00PM
NEWSBTC
The Solana price experienced notable gains in mid-June, but a
recent correction phase has pulled it down to $22, which has found
strong support. The technical outlook currently leans towards the
bears, suggesting a potential slight dip before a possible
turnaround. Related Reading: All Hype? BALD Meme Coin’s Volume
Shaved By 96% The altcoin attempted to rise from the support level
in the past week, but the bullish momentum waned. Despite the
chance of a rally due to a demand zone below $22, a new resistance
at the $25 level may pose a challenge. As Bitcoin slipped into the
$29,000 range, other altcoins also faced downward pressure on their
charts. For SOL to reverse its trend, overall market strength is
vital. The falling market capitalization of SOL indicates continued
control by sellers over the price. Solana Price Analysis: One-Day
Chart At the time of writing, SOL was trading at $22.80,
demonstrating stability around a significant support zone. Although
a drop from this level might attract buyers, there is a possibility
that the altcoin could slip below the $20 mark. If buyers step in,
the next resistance levels would be $23 and $25. Once the $25 price
mark is breached, Solana could aim for $30, signifying a potential
36% rally. However, SOL must avoid falling below $20, as that would
nullify any bullish revival. In the last session, the volume of SOL
traded declined, suggesting a decrease in buying strength.
Technical Analysis SOL showed increased selling pressure,
indicating buyers had not yet entered the positive zone. The
Relative Strength Index remained below the half-line, stressing the
lack of bullish momentum as sellers outnumbered buyers at the time
of observation. Moreover, SOL was positioned below the 20-Simple
Moving Average line, signifying a lack of demand at this level and
further suggesting that sellers had control over the price momentum
in the market. The upcoming trading sessions hold significance for
the coin as buyers will determine the altcoin’s future direction.
The altcoin’s low demand has led to the formation of sell signals.
This indicated the continued dominance of bears in the market.
However, it’s worth noting that the size of these sell signals is
gradually decreasing. The Moving Average Convergence Divergence
(MACD) indicator, which measures price momentum and trend changes,
showed red histograms. This reading was linked to sell signals.
Despite this, the sell signals were relatively short, suggesting
that the altcoin might see some buying strength in the upcoming
trading sessions. On the other hand, the Directional Movement Index
(DMI), which indicates price direction, remained negative. The -DI
line (orange) was positioned above the +DI line (blue). Related
Reading: Can Dogecoin Reach $0.85? Bullish Setup Hints At Potential
For Advance Conversely, the Average Moving Index was above the 40
mark, indicating that a change in price direction could be expected
in the next trading sessions. Featured image from UnSplash, charts
from TradingView.com
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