Solana Price at $22.4 Support: Is a Double Bottom Recovery in the Cards?

Solana Price Analysis: Amid the rising FUD in the crypto market, the ninth-largest cryptocurrency Solana is hovering at about $22.4 support. In the last three weeks, the SOL price has bounced twice from the aforementioned support indicating the active accumulation from market participation. A closer look at the daily time frame chart shows this reversal as the formation of a bullish double-bottom pattern.

Also Read: Digital Asset Outflows Surge, Solana And XRP Lead Impressive Weekly Inflows: Report

Solana Price Daily Chart

• The $22.4 stands as strong support for traders.
• A bullish breakout from $24.4 resistance would set the SOL price for a 12.4% jump
• The 24-hour trading volume on the Solana coin is $486.5.5 Million, indicating a 10% gain.

Source-Tradingview

In the daily time frame chart, the Solana price shows the formation of a double bottom pattern. This pattern is often spotted at the market bottom bolstering buyers for a sustainable rally. 

On August 7, the  reverted from the $22.4 support. The reversal surged the price by 8.8% and reached the current trading price of $24.36. Under the influence of this chart setup, the surprise is likely to rise another 5.8% to challenge the overhead necklines of $25.7.

A bullish breakout from the above-mentioned resistance line will accelerate the buying pressure and surge prices to $29-$30.

SOL Price Heading to $18?

In case the SOL price witnesses aggressive selling at the $22.4 barrier, the coin price is likely to go sideways and create a narrow range formation. Despite a push from market buyers, the altcoin price walking a lateral path would indicate weakness in bullish momentum. If the sellers take advantage of this uncertainty a breakdown below $22.4 will lead correction phase to $18.7

• Bollinger band: An upswing in the lower band of the Bollinger Band indicator offers additional support to market buyers.
• Relative Strength Index: The daily RSI slope’s potential rise above 60% would reflect strong sentiment among traders.