Solana Price Prediction: Oversold RSI Hints Upcoming Relief Tally
Solana price prediction: following the aggressive downfall, the Solana price tried to sustain above the $12 mark. Moreover, a Bullish reversal from the hints the buyers are wresting for a relief rally before continuing the prior downtrend. Anyhow, a bullish pullback is necessary to stabilize the prices after sudden losses.
Key points
- The Solana price reclaims the $17 resistance in the hope of a relief rally.
- A falling downtrend will encourage the Solana price for prolonged correction.
- The 24-hour trading volume in the Solana coin is $6.1 Billion, indicating a 41% gain.
Source-Tradingview
The Solana price witnessed significant losses amid the FTX crypto exchange crisis. As a result, the altcoin dropped from the high of $38 to $12.5 since last weekend, registering a 67.5% loss.
However, yesterday’s growth rebounded the SOL price from $12.52 support and triggered a minor relief rally. This 26% jump breached the immediate resistance of $17 and offered buyers the to progress on a bullish reversal.
Nonetheless, with the negative sentiment persisting in the crypto market, the Bitcoin price plunged 4.5% today and pressured the altcoin to the resumption of the prior downtrend. Thus, if the Solana coin remains below $17, the prices will likely retest the $16 mark.
On a contrary note, a daily candle closing above the $17 mark will drive the prices 25% higher to hit $22.2, followed by $26.5.
However, the Solana price will remain under bearish reign until the overhead resistance trendline is intact.
Technical indicator
RSI: the daily-RSI slope reverted from the oversold region, indicating the buyers are entering at a discounted price. However, the overall sentiment remains negative will the low RSI value.
EMAs: the downsloping crucial EMAs(20,05, 100, and 200) accentuate the aggressive selling in the crypto market. Moreover, these EMAs could assist sellers in extending the price correction.
Solana price intraday level
- Spot price: $16.53
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $17 and $22.
- Support levels: $12 and $9.75
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