Solana Price Prediction: SOL Price Entering Minor Consolidation at $100

By Brian Bollinger
April 20, 2022 Updated April 20, 2022
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Solana (SOL)

The reversal rally in the (Solana)SOL price struggles to sustain above the EMAs despite the support of the psychological barrier at $100. Will the psychological barrier push forth the bullish rally, or is it just another pretense for a sideways trend?

Key points

  • The daily-RSI slope drops back to bearish territory 
  • The SOL price would retest the 100 psychological support
  • The 24-hour trading volume in the Solana coin is $1.8 Billion, indicating a 7.9% gain

SOL/USDT ChartSource-Tradingview

Solana (SOL) price formed a falling wedge pattern in the first quarter of 2022, resulting in a 35% fall and reaching the $78 mark. However, the buyers overtook trend control resulting in a bullish breakout of the falling wedge. 

The breakout rally reached the $136 mark accounting for inflation of 62% within a fortnight and breaking above the 100 and 50-day EMA. But the bullish failure to reach the $150 mark brought higher price rejection candles into existence, resulting in a bearish reversal.

The reversal rally broke multiple support levels retesting the psychological barrier at $100, which unleashed the trapped momentum with a double bottom breakout. 

However, the recent daily candle reflects a significant selling observed at $108, resulting in a solid bearish candle.

Hence, closing below the psychological mark of $100 will reinstate a bearish trend and induce a fall to $88.

In an otherwise bullish scenario, closing above $108 will ensure a price jump to $122. 

Technical indicator

The downsloping 100-SMA has flattened, suggesting a sideways rally in AAVE price. In addition, the 50-and-100 SMA aligned with the $100 support strengthened the bottom support defense. 

The RSI slope barely made it to the bullish territory when the prevailing sell-off dumped it below the neutral line. Moreover, the slope approaches the 14-SMA line, and a follow-up breakdown would accelerate the selling momentum.

  • Resistance level- $108 and $122
  • Support levels- $100 and $88

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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