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For over a month, the Solana price has witnessed a correction phase under the influence of a falling wedge pattern. From the local top of $26, the coin price tumbled nearly 22% and reached the current price of $20.23. Despite the current uncertainty in the market, the coin price respects this pattern and could offer significant growth potential upon its completion. Here’s how you may trade this pattern.
Key points
- The narrow range available within the wedge pattern reflects the SOL price is moving in a no-trading zone
- A bearish crossover between the 50-and-100-day EMA may increase selling pressure in the market.
- The 24-hour trading volume in the Solana coin is $146.5 Million, indicating a 37% loss.
Source-Tradingview
Amid the ongoing uncertainty in the crypto market, the Solana price action continues to narrow lower within the wedge pattern. In its core concept, the wedge pattern is a bullish continuation pattern and therefore, it seems the SOL price is under temporary downfall.
Under the influence of this pattern, the prices are more likely to breach the resistance trendline of this pattern and reboot the bullish recovery. A daily candle closing above the trendline offers a long-entry opportunity and provides buyers a significant footing to climb higher.
Also Read: Best Cryptos Private Sale For 2023
The post-breakout rally could drive the Solana price 30% higher to rechallenge the $26.1 peak. If this multi-month resistance breaks, the prices are more likely to hit $30.
Anyhow, until the wedge pattern is intact the current correction phase may plunge the altcoin lower.
Technical Indicator
Moving Average Convergence Divergence: The downsloping MACD(blue) and the signal(orange) reflect a sustained selling momentum in Solana price.
Exponential Moving Average: The daily EMAs(20, 50, and 100) right above the SOLprice reflect the potential recovery and may feel multiple obstacles.
Solana Coin Price Intraday Level
- Spot price: $20.23
- Trend: Bearish
- Volatility: High
- Resistance levels: $21.3 and $24
- Support levels: $17.7 and $16
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