The Solana price prediction heads to the downside as the dip is likely to get worsen because of a recent decline in the crypto world.
Resistance levels: $75, $77, $79
Support levels: $12, $10, $8
SOL/USD may not be able to follow the bullish movement as the coin remains below the 9-day and 21-day moving averages. The Solana price is currently trading at $32.32, sliding from the high of $35.38 to face the lower boundary of the channel at the time of writing.
Solana Price Prediction: Solana My Head to the Downside
Looking at the daily chart, the Solana price is moving sideways, any bearish movement towards the lower boundary of the channel may increase the short-term selling pressure while the critical supports may come around $12, $10, and $8. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance levels at $75, $77, and $79.
Nevertheless, the technical indicator could start a new bearish session as the Relative Strength Index (14) moves below the 40-level. It is, however, not clear how long the session will last because, in the last few weeks, both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators within the daily chart.
SOL/BTC Market: Bears Dominate the Market
Against Bitcoin, the market price is moving downward as the coin trades at 1666 SAT within the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above the upper boundary of the channel, the bulls may push the price to the upside.
However, if the market drops below the current market value at 1500 SAT, the next key support may come at 1300 SAT and below. On the bullish side, a possible rise may push the market above the 9-day moving average to hit the resistance level of 2300 SAT and above. As revealed by the technical indicator, the Relative Strength Index (14) may begin to follow the downward movement as the signal line moves to cross below the 40-level.
eToro – Our Recommended Crypto Wallet
- Exchange Wallet for 120+ Cryptocurrencies, Trade In-Wallet
- Automatic Staking of ETH, ADA or TRX in your Wallet
- Regulated by FCA, ASIC and CySEC – Millions of Users
- Unlosable Private Key – Secure eToro Recovery Service