Solana Struggles Below Key Resistance, Can Price Flip $30 Into Support?
October 24 2022 - 11:37AM
NEWSBTC
SOL’s price struggle to reclaim a key support area of $30 after
losing this region. SOL breaks below a descending triangle as
the price looks weak despite Bitcoin (BTC) dragging market prices
upwards. The price of SOL respects the resistance line as the
price trades below 50 and 200 Exponential Moving Averages (EMA).
The price of Solana (SOL) has had a difficult start to October
despite many traders and investors speculating the month to be
fruitful for most crypto, including Solana (SOL), calling it names
like Uptober. The crypto market, including the big players like the
likes of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB),
have all had a quiet month as the price of most altcoins have found
their price battling for survival as the aim to defend (Data from
Binance) Related Reading: Dogechain (DC) Notches 200% Hike In
Trading Value In The Past Week Solana (SOL) Price Analysis On The
Weekly Chart. Solana has struggled to regain its bullish momentum
in recent times; despite the uncertainty that has befallen the
crypto space, the price of SOL hasn’t enjoyed a measure of relief
that should be expected for a coin with huge partnerships and one
of the best communities driving the project to the mainstream of
crypto. After the price of SOL rallied to a high of $250 with what
is its all-time high, the price has faced so much downtrend as the
price dropped to a weekly low of $20; the price rallied from this
low to a high of $45, where the price faced resistance to breaking
above this region to a height of $60. The price of SOL faced a
rejection to a low of $30, where the price bounced and rallied to a
high of $35 but could not move higher as the price continued to
range. SOL’s next weekly Support is at $24, with the price
eyeing a retest of that region; if SOL fails to reclaim $30 support
that is now resistance, we could see the price going lower to
$24-$20 as there is no strong weekly support close to this region.
Weekly resistance for the price of SOL – $35. Weekly Support for
the price of SOL – $24. Price Analysis Of SOL On The Daily (1D)
Chart In the daily timeframe, the price of SOL continues to trade
below the key resistance formed after breaking below its key
support zone of $30. The price of SOL showed strength, holding this
support zone as the price ranged to form a descending triangle. The
price of SOL broke and closed below Support, indicating bears were
more in control as the price of SOL struggled. The price of SOL
currently trades at $28.4 as the price failed to hold its key
Support as the price tries to reclaim this region to initiate a
price rally for SOL price. Daily resistance for the SOL price
– $34. Daily Support for the SOL price – $24-$20. Related Reading:
Enjin (ENJ) Among Top 10 Crypto Choice Of ETH Whales In Last 24
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