Price Analysis

Solana Price Prediction: SOL Price Trapped in Consolidation, But Indicators Favor Sellers

The SOL price action resonating in a no-trading zone awaits a genuine breakout. Will SOL traders lose $100 support?
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Solana Price Prediction: SOL Price Trapped in Consolidation, But Indicators Favor Sellers

The Solana(SOL) price has been resonating between the $110 and $100 level for nearly two weeks, indicating a no-trading zone. Furthermore, indicators reflect a sell signal which could bolster the $100 breakdown. However, a genuine breakout and daily-candle closing are needed to confirm further price movement.

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Key points

  • The potential breakdown from $100 may tumble the SOL price by 18%
  • The flattish EMAs(20, 50, 100, and 200) suggest an overall sideways rally.
  • The 24-hour trading volume in the Solana coin is $1.7 Billion, indicating a 1.98% gain.

Source-Tradingview

The V-top reversal from the $135 tumbled the SOL price by 25% and dropped it to $100 psychological support. However, the 50 DMA aligned with this support stalled the sellers from incurring any further losses.

The SOL price has been hovering above the $100 support for nearly two weeks but couldn’t rise above $110. Thus, this consolidation reflects a minor range and suggests a short pause before the upcoming directional move.

A breakout from either range level may bring a good entry opportunity for the subsequent rally. If sellers breached the $100 support, the altcoin would sink 18% to the last quarter’s support of $80.

However, the range holds a bullish breakout possibility as well, which could form a higher low at $100 and push the price back to $137.

Therefore, the breakout and daily candle closing beyond the range limit holds the final decision.

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Technical indicator

The SOL price trading below the crucial EMAs(20, 50, 100, and 200) suggests that the path to least resistance is downward. Moreover, the 20-and-50–day EMA is poised for a bearish crossover, encouraging a $100 support breakdown.

The MACD indicator shows the downsloping fast and slow lines are penetrating the bearish territory, accelerating the selling momentum.

  • Resistance level- $110 and $122
  • Support levels- $100 and $81
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Brian Bollinger

From the past 5 years I am 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. Reach out to me at brian (at) coingape.com

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