The recent sell-off in the crypto market triggered a new bear cycle in Solana coin price within the ongoing consolidation. As a result, the prices witnessed a V-top reversal from the $26.8 resistance and tumbled 16.3% down to retest the local support of $22.3. However, interested traders looking for entry opportunities should wait for a breakout attempt from the extreme levels of this range.

Key Points

Until the Solana coin remains within the $26.8 and $20 levels, the ongoing consolidation will cont
Considering the prior bullish trend, the SOL price is more likely to break the $26.8 resistance and prolong the bull trend higher.
The 24-hour trading volume in the Solana coin is $501.1 Million, indicating a 22.7% gain.

Source-Tradingview

The Solana coin price started the ongoing sideways trend in January’s fourth week as it was expected to stabilize the aggressive buying witnessed early. Such a consolidation phase is excellent for coin prices to check stability at a higher price and replenish the bullish momentum for further rally. 

The coin price resonated between the $26.8 and $20 level for one and a half months, creating a narrow range formation. The price has tested the aforementioned levels several times, indicating the market participants are actively responding to this range. 

Also Read: Upcoming Solana NFT Projects 2023

Furthermore, the current bear cycle within the pattern has plunged the prices to a mid-support of $22.3. However, today, the Solana coin is 3% down, and if the selling pressure persists, the prices could revisit the $20 floor.

Furthermore, a breakdown below the $20 support would intensify the selling pressure and encourage the price to decline to $17.75 or $15.3.

On a contrary note, a bullish breakout from $26.8 will offer buyers strong support to resume the bullish trend.

Technical Indicator

RSI: An uptrend in the RSI slope wavering around the midline indicates the neutral stance among market participants. 

Bolinger band: This indicator’s upper and lower bands aligned with the aforementioned range’s levels indicate the SOL price has stabilized well at the current price level.

Solana Coin Price Intraday Level

Spot price: $22
Trend: Bearish
Volatility: Medium
Resistance levels: $26.8 and $30.3
Support levels: $22.3 and $20

The post Here’s How Solana Coin May Escape This Sideways Trend; Mark These Levels Now appeared first on CoinGape.

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Filed under: News - @ February 27, 2023 8:09 pm