SOL Price Prediction: Solana Coin Sees a 14% Relief Rally Before The Next Bear Cycle Begins

SOL Price Prediction: Starting from mid-January, the Solana coin traveled a sideways trend for the last few months, resonating between the $26.8 and $20 levels. However, with the increase in selling pressure in the market, the sellers obtained an upper hand and breached the range support of $20. Ending this two-months long consolidation on a bearish note indicates the SOL price may witness a prolonged downfall.

Key Points

• From the peak of $26.8, the Solana coin has recorded a 36% loss as it reaches the current price of $17.6
• A potential upswing in SOL price may retest the credibility of $20 as the resistance level
• The 24-hour trading volume in the Solana coin is $1.01 Billion, indicating an 83% gain.

Source-Tradingview

On March 8th, the Solana coin price gave a massive breakdown from the $20 psychological support. This breakdown released the trapped bearish momentum within the range and offered buyers additional resistance to pressurize sellers for trend control.

From the breakdown point, the Solana price tumbled 12% to reach the combined support zone of 0.5 Fibonacci retracement level and $17.5. However, earlier today, the sellers tried to breach the aforementioned support but as U.S. President Joe Biden hinted that the forthcoming interest rate hike could be less aggressive, the crypto market eased down on its selling pressure. 

By the press time, the Solana price trades at the $17.66 mark, with an intraday gain of 1.76%. Thus, if the buyers manage to close the daily candle above the $17.5 mark, the prices could rise by 14% relief rally to retest the flipped resistance of $20

Also Read: What Are Bitcoin Ordinals And How Do They Work?

Technical Indicator

MACD: the MACD(Blue) and signal(orange) lines dropped below the midline with a sufficient distance between them indicating the coin price witnessed sustained selling pressure.

EMAs: the downsloping 20-day v plunged below the 50-and-100-day EMAs giving an additional edge to short sellers.

Solana Coin Price Intraday Level

• Spot price: $17.5
• Trend: Bullish
• Volatility: Medium
• Resistance levels: $20 and $22
• Support levels: $17.5 and $15