Solana Holds Key Support To Avoid Drowning, How Long Can This Last?
September 19 2022 - 03:53PM
NEWSBTC
The price of Solana (SOL) has been volatile against tether (USDT),
causing more pain for hodlers. Despite showing such strength, the
price of Solana (SOL) has risen from $30 in recent weeks to around
$45, as many investors hoped for more relief rallies to around $60.
Solana (SOL) prices were rejected and have continued to fall with
no significant bounce. (Data from Binance) Related Reading: Solana
Price Trades Laterally, What Could Be The Next Level? Solana (SOL)
Price Analysis On The Weekly Chart SOL’s price dropped from
$250 to around $30, representing a drop of more than 70% from its
all-time high. After touching a weekly low of $32, the price of SOL
rallied to $45, demonstrating great strength as many set prices and
expectations for a rally back to $60, but the price was met with
rejection. On the weekly chart, the price of SOL formed a downtrend
line as it continued to respect this resistance line, bouncing off
to continue its bearish run. Nonetheless, the price of SOL was
rejected from the trendline resistance after a while, and it could
not break this trendline. SOL is trading above the key support
level of $30; the price of SOL must remain above this level to
avoid falling to $24-$20. With the price of SOL holding this
support, we may be able to trade higher to the $35 region. A break
below $30 would signal a return to lower demand zones and a
reluctance of bulls to enter buy orders as there would be more
agitation for lower prices. To resume its bullish trend, SOL’s
price must break and hold above the trendline resistance that is
preventing the price of SOL from trending higher. If the price of
SOL continues to reject the trendline resistance, the price may
fall because there are more sell orders than buy orders. Weekly
resistance for the price of SOL – $45. Weekly support for the price
of SOL – $30. Price Analysis Of SOL On The Daily (1D) Chart The
daily timeframe for SOL prices continues to deteriorate as prices
break to the downside, with prices ranging in a channel with $45 as
resistance and $30 as support. The price of SOL must break out of
this range channel with significant volume to restore hope and
relief to most investors. A break and close below $30 would be bad
for the SOL structure because the price would face more sell orders
and panic. If the price of SOL breaks and closes above $45, we may
see a minor relief bounce to the $60-$80 range. The Relative
Strength Index (RSI) for SOL is above 40 on the daily chart,
indicating more sell order volume. Daily resistance for the
SOL price – $45. Daily support for the SOL price – $30. Related
Reading: Stellar (XLM) Shows Strong Recovery From Recent Slide
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