Solana Coin Losing Streak Stalls At $9.5 Support; Will Price Recover again?

Amid the recent uncertainty in the crypto market, the Solana coin price resonated in a defined range stretched from the $15 to $11.9 mark. The consolation phase lasted for around six weeks. And offered a short break period for sellers before resuming the downtrend. Thus, prices may rebound from $9.95 support to replenish bearish momentum.

Key points

• A potential bullish reversal from the $9.45 support may encourage a bullish upswing of 20%
• The oversold RSI increases the possibility of a bullish reversal
• The 24-hour trading volume in the Solana coin is $1.15 Billion, indicating a 162% gain.

Source-Tradingview

On December 22nd, the coin breached the $11.9 support and tumbled price 20% down to hit the $9.45 mark. Furthermore, the sellers tried to breach this level, but the buyers are aggressively defending this level.

On December 29th, the daily candle showed a Doji-type candle with long wicks on both sides. This indecisive candle after a sharp fall suggests the market participant are struggling to carry on the further downfall. 

By the press time, the SOL price trades at $9.84 and trying to sustain above the $9.45 support. With sustained buying,  the coin holders may witness a relief rally to retest the $11.85 breached support.

However, with ongoing negativity in the crypto market, this temporary bullish recovery may turn down the prices from the $11.85 mark and resume the prior downfall.

On a contrary note, the bearish thesis will weaken if the SOL price breaks out from the mentioned resistance.

Technical indicator

RSI: the indicator value at 28% indicates the traders have overextended the selling activity. Moreover, the RSI slope reverting from this oversold region increases the possibility of a relief rally to stabilize the excess selling.

EMAs: The large gap between the downsloping EMAs(20, 50, 100, and 200) accentuates an established downtrend. Moreover, the 20-day EMA act as dynamic resistance to SOL price.

Solana Coin Price Intraday Levels

• Spot rate: $9.93
• Trend: Bullish
• Volatility: High
• Resistance level- $11.9   and $15
• Support level- $9.44 and $7.6