Vital Levels To Keep An Eye On As Solana Chart Trades Close Immediate Support
02 März 2023 - 1:30PM
NEWSBTC
The Solana price witnessed considerable volatility over the past
trading couple of sessions due to the general market decline. The
Solana network underwent an outage the last weekend and the price
was quick to retrace on its chart. Over the last 24 hours, SOL has
also depreciated by 3%. Furthermore, the technical structure of the
altcoin continued to depict bearishness on the daily chart. Demand
for the altcoin slid into the negative zone as buyers continued to
struggle. Accumulation also fell on the chart as a result. Related
Reading: Dogecoin Moves Close To Support level, Will The Bulls
Defend This Mark? Due to the lack of buying strength, the Solana
price is unable to climb above its immediate price ceiling. If
buyers exert a slight push, the altcoin can attempt to retest the
overhead resistance mark. As Bitcoin slid south over the last 24
hours, the altcoins that were attempting to move upwards also noted
a decline in their price momentum. If the altcoin retests its
immediate resistance, it would provide selling opportunities to
traders once again. The market capitalization of Solana noted a
fall, which indicated that sellers were dominating at the time of
writing. Solana Price Analysis: One-Day Chart Solana was trading at
$21.90 at the time of writing. The coin was trading very close to
its local price floor of $21.40. Over the last week, SOL remained
sandwiched between the $21.80 and $23.40. Between these two levels,
the stiff barrier for Solana stood at $22.80. Moving above the
aforementioned resistance level can push SOL to breach the $23.40
mark. This would invalidate the bearish thesis in the market. On
the other hand, a fall from the current price mark will take SOL to
$20. If Solana touches the $20 mark, recovery could be slow for
SOL. The amount of Solana traded in the last session was red,
indicating a fall in buying pressure. Technical Analysis Buyers’
confidence in the asset has wavered significantly since the
beginning of this year. The latest outage fiasco could be blamed
for that. The Relative Strength Index slipped below the neutral
line depicting bearishness. It also indicated that sellers
outnumbered buyers. SOL fell below the 20-Simple Moving Average
(SMA) line as sellers were driving the price momentum in the
market. There is, however, a catch here as SOL formed a golden
cross as the 50-SMA (yellow) moved above 20-SMA (red) line. A
golden cross indicated upcoming bullishness. In conformity with low
buying strength, SOL displayed sell signals on the daily chart. The
Moving Average Convergence Divergence indicates price momentum and
the indicator formed red signal bars. These red histograms reflect
sell signals for the asset. Related Reading: MATIC Can Bounce Back
If It Remains Above Bullish Order Block Parabolic SAR also
suggested a downtrend, as the dotted lines were above the
candlesticks. In the event that SOL was to invalidate these bearish
signals, the coin has to move above the $22.80 mark. Featured Image
From UnSplash, Charts From TradingView.com
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