Solana Price Continues To Trade Laterally With Signs Of Further Depreciation
22 September 2022 - 06:00AM
NEWSBTC
Solana price has moving been sideways for the last few months, and
it has maintained the same price action. Over the last 24 hours,
SOL has depreciated 2.6%. In the past week, the altcoin’s gains
were negated by the ongoing lateral trading. Buying strength has
remained low over the last week and that has further pushed Solana
price to their closest support line. If buyers push the price
higher, SOL could attempt to topple over the $33 price level. As
sellers continue to dominate, it could be tough for SOL to
experience a breakout from the $30-$32 price zone. The bulls failed
to hold onto the $33 price mark and ever since that, the coin has
continued to spiral downwards. Increased consolidation of SOL has
reduced buyers’ confidence. For SOL to invalidate the bearish
thesis, it needs to move above the $40 price zone. The global
cryptocurrency market cap is now $971 billion, down by 0.2% in the
last 24 hours. Solana Price Analysis: One Day Chart SOL was trading
at $33 at the time of writing. The coin experienced heavy
resistance at the $41 price mark, and the bulls have been rejected
at that mark for over months now. Immediate resistance for Solana
price was at $38, toppling which SOL might attempt to touch $41. On
the flip side, a fall from the present price mark will push SOL to
$30 and then to $26. The amount of Solana traded in the last
session declined, indicating that buyers were fewer in number.
Technical Analysis SOL lost its price momentum because buying
strength consistently remained low for over a week. Despite buying
strength recovering in the last few weeks, the price of the asset
remained unaffected. The Relative Strength Index was underneath the
zero-line, indicating that sellers outnumbered buyers at the time
of writing. Solana price was below the 20-SMA due to a lack of
demand. It also indicated that sellers were dominating price
momentum in the market. Related Reading: Ethereum Price Still On
The Decline, Can Buyers Defend This Price Level? The asset
continued to display signs that the sellers were strong in the
market. The Moving Average Convergence Divergence indicates the
price momentum and the direction of the asset’s price. MACD
underwent a bearish crossover and formed red histograms. These red
histograms were indicative of sell signal in the market. The Stoch
RSI is used to measure the overall market trend and the direction
of the current price of an asset. Stoch RSI was below the half-line
and nearing the oversold zone. This reading confirmed bearish
pressure in the market and that the asset could further lose value
over the upcoming trading sessions. Related Reading: Prepare For
Volatility: Data Suggests Bitcoin Gets Chaotic During FOMC Meetings
Featured image from App Developer Magazine, Chart: TradingView.com
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