NewsletterLow Volume Recovery In Solana Price Hints Potential Fall To $30
The recent sell-off in the crypto market offset the prior recovery in Solana price. The buyers currently stall this downfall at local support of $32.7, but the low volume activity in their attempts keeps the correction threat on the table. Thus, will buyers resume the bullish recovery from this support, or is further downfall on its way?
Key points from Solana price
- A bearish breakdown below the $30 support will plunge the SOL price back to the $26 bottom support.
- The 20-day EMA has flipped into potential resistance.
- The 24-hour trading volume in the Solana coin is $1.16 Billion, indicating a 31% loss.
Source-Tradingview
The August second-half correction has triggered a sideways rally in Solana’s daily time frame. So far, the bearish reversal has stalled at the combined support of 0.786 Fibonacci retracement level and $30.38. The replenished bullish momentum at this support surged the prices in a U-shaped pattern and accounted for a 23.7% rally.
The bull-run strikes $37.5 resistance but could not surpass it due to the sudden selling pressure on September 13th. This sell-off was triggered by the high consumer price index(CPI) data of 8.1% Y-O-Y inflation, causing a 12% fall in Solana’s price.
Thus, the bearish engulfing breached the 20-and-50-day EMA, hitting local support of $32.73. today, the Solana price is 1.64% up and gives a low volume retest to the 20-day EMA resistance. Therefore, if the selling pressure persists, the sellers breach the $32.7 support and revisit the August-September bottom support of $30.
The coin holders should keep a close watch on the price action at $30 support as a potential reversal may validate a high accumulation zone and undermine the panic-selling fall in the market.
Technical indicator
Bollinger band indicator: the Solana coin trading above the indicator’s midline indicates despite yesterday’s downfall, the market value is bullish in terms of the current price range. Moreover, this midline may act as an additional support level.
RSI indicator: the daily-RSI slope nosedive below the neutral line indicates the market sentiment is turning negative.
- Resistance level- $37.5 and $42.6
- Support levels- $32.7 and $30
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Why is the LUNC Price Up 70% Despite the Crypto Market’s Decline?
- CoinShares Fires Back at Arthur Hayes, Dismisses Fears Over Tether Solvency
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
