Solana Coin Under Buyers Control Defies Market Sell-off

SOL Price Prediction: Amid the ongoing correction phase in the crypto market, the Solana coin price witnessed a V-shaped reversal from the $26.8 resistance. This type of reversal reflected strong commitment from sellers and tumbled the SOL price by 23.3% within a fortnight. However, the falling price halts at the $20.4-$20 accumulation zone, indicating the buyers still possess trend control.

Key Points

• The long-tail rejection candle at $20.4-$20 indicates the Sol buyers continue to obtain strong support from this level.
• The flattish EMAs(20, 50, 100, and 200) reflect a sideways trend in SOL price
• The 24-hour trading volume in the Solana coin is $478.5 Million, indicating a 40% gain.

SOL Price Prediction: Solana Coin Reflects Signs Of Prolonged Consolidation

Source-Tradingview

Over the seven weeks, the Solana coin price has remained in a sideways trend stretched from the $26.8 and $20 support levels. The prolonged consolidation could be associated with the increasing bearishness in the crypto market, limiting the growth potential of the majority of major cryptocurrencies. 

Thus, with today’s sudden sell-off, the Solana price revisited the range’s bottom support of $20. However, the long lower price rejection attached to today’s candle, indicates the buyers are actively accumulating at this support.

Thus, a rejection candle indicates a higher possibility of a bullish reversal and continuation of an ongoing range-bound rally. If the buying pressure persists, the SOL price may revert higher and challenge the $26.8 resistance.

Also Read: Upcoming Solana NFT Projects 2023; Updated List

Anyhow, to restore a direction rally, the coin price should breach either of the extreme levels of the above-mentioned range. 

Technical Indicator

MACD: the MACD(Blue) and signal(orange) lines wavering near the midline of the indicator reflect a neutral sentiment among market participants.

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

Solana Coin Price Intraday Level

• Spot price: $21.26
• Trend: Bearish
• Volatility: Medium
• Resistance levels: $26.8 and $30.3
• Support levels: $22.4 and $20