The sellers are dominating Solana market
Solana Price Analysis – September 14
In case Solana break up $34 resistance level, price may increase to the resistance level at $38 which may extend to $39. When the $34 level holds, price may decrease to the support levels at $31, $28 and $25.
SOL/USD Market
Key Levels:
Resistance levels: $34, $38, $39
Support levels: $31, $28, $25
SOL/USD Long-term Trend: Bearish
Solana is on bearish movement on the daily chart. Sellers would not let Solana go. The Bearish trend started on 14 August at the resistance level of $47 pushed the price to the support level of $31. Buyers’ pressure increased on September 07, with the formation of strong bullish engulfing candle at the support level of $31. Solana price is increasing towards the resistance level of $38. On 13 September, sellers defend the just mentioned level with formation of strong daily bearish candle. Price is returning towards previous low at $31.
Sellers dominates the market as the price crossed the 9 periods EMA and 21 periods EMA downside. In case price break up $34 resistance level, price may increase to the resistance level at $38 which may extend to $39. When the $34 level holds, price may decrease to the support levels at $31, $28 and $25. Meanwhile, the relative strength index period 14 is at 46 levels displaying bearish direction.
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SOL/USD Medium-term Trend: Bearish, TAMA Presale Almost Sold Out
On the 4-hour chart, Solana’s performance is bearish. The price reached the support level of $31, sellers lose momentum. There was short period of consolidation. After the consolidation at $31 level, pressure from the buyers of Solana pushes the price to $38 price level. Bullish pressure fails and sellers return to the market with full force. The price is under the control of the sellers.
An increase in the sellers’ pressure may bring the coin to the previous low level at $31. The Relative Strength Index period 14 is at 39 levels and the signal line pointing down to indicate the sell signal.
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Related
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