SOL/USD price action recently witnessed a considerable magnitude of upside movement, however selling pressure has caused a downward correction. This downward correction has caused a loss of approximately $4 in value. Nevertheless, price action remains at the reach of a possible upward price movement.
Solana Analysis Statistics Data:
Solanas’ value now: $32.58
SOL’s market cap: $11.41 billion
SOL’s moving supply: 354.12 billion
The overall supply of Solana: 511.62 billion
Solana’s Coinmarketcap ranking: #9
However, in this price deduction, we will further examine both SOL/USD and SOL/BTC markets. The aim of this is to detect future price moves which may occur in this market.
Important Price Marks:
Top Levels: $33.50, $36.34, $37.00
Bese Levels: $32.58, $31.20, $29.79
SOL at the Reach of an Uptrend, TAMA Is Now Sold Out!
Studying the SOL/USD chart, one can easily see that price activity may resume an uptrend. Even when the bears appear to be winning the session, the current price level is just slightly below the MA of the Bollinger. The possibility of a reversal comes from the fact should buyers eventually emerge winners in this session price will rise above the MA line. Consequently, this will position price activity above the MA and may give way for a further price increase. Furthermore, the RSI line seems so close to each other, and may soon cross to initiate an uptrend should the buyer eventually win this session. If this eventually occurs Solana’s price may retrace the $36.22 level.
Solana Price Analysis: SOL/BTC May Slide to Lower Support
Price activity on the SOL/BTC market has been able to successfully reclaim above the MA line of the Bollinger indicator. And, even if the bears eventually emerge as the winner in this trading session, the price level will remain above this line. Consequently, this increases the possibility of price activity trending upwards.
Your capital is at risk
However, contrary to this the opinion is the activity on the RSI. The activity on the RSI portrays that buyers are losing upside momentum to the sellers, and this could result in price reaching for lower support in this market. Due to this Traders can either sell their holdings or with till the price candle hits the MA of the Bollinger indicator. The latter will keep them in should price trends resume an uptrend, but at a cost, if the downtrend continues.
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