SOL Price Prediction: the Solana coin witnessed a chainsaw movement over the past two months creating a simple structure of the range-bound movement. The consolidation phase is strictly confined between the $26.8 and $20 levels, showcasing the key barrier of this range. However, amid the increasing bearishness in the market, the SOL price plunged back to $20 support arising the question of whether it will bounce back again or trigger a prolonged correction.

Key Points

The lower price rejection candles near the $20 support indicate a higher possibility of a bullish reversal
The range between $26.8 and $20 can be considered a no-trading zone
The 24-hour trading volume in the Solana coin is $302 Million, indicating a 20% gain.

Source-Tradingview

Within the above-mentioned range levels, the Solana price has showcased a V-top reversal from $26.8. The V-top bearish reversal usually signals an aggressive downfall and tumbled the SOL price 24% to revisit the $20 support.

However, despite an aggressive structure of V-top reversal, this downfall was associated with a steady decline in volume activity, indicating weakness in sellers’ commitment.

This low-volume downfall indicates a strong possibility for the price to bounce off the $20 support. The short-term traders can grab this short bullish upswing to the overhead resistance, but the fate of Solana’s near future price depends on the range breakout.

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Thus, a bullish breakout from the $26 barrier will trigger an uptrend continuation which could push the price to follow resistance of $30.5, $34.6, and $39.

On the contrary note, a daily candle closing below $20 may encourage sellers to pull the SOL price to the $15 mark. 

Technical Indicator

MACD: the MACD(Blue) and signal(orange) lines wavering near the midline with multiple crossovers indicates an unclear trend in the market,

Bollinger Band:  the upper and lower band of the Bollinger band indicator aligned with the above-mentioned range levels gives additional weightage to these two technical levels.

Solana Coin Price Intraday Level

Spot price: $20.7
Trend: Bullish
Volatility: Low
Resistance levels: $26.8 and $30.3
Support levels: $22.4 and $20

The post SOL Price Prediction: Solana Set For 28% Upswing As Bull Cycle Emerges Within Range Rally appeared first on CoinGape.

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Filed under: News - @ March 7, 2023 3:07 am