Generally speaking, it appears as if the SOL/USD Price action is ranging sideways. The crypto has constantly failed to find a strong resistance or support at the 78.60 Fibonacci level.
Solana’s Analysis Statistics Data:
SOL value now: $32.38
Solana’s market cap: $11.55 billion
SOL’s moving supply: 355.42 million
The Total supply of Solana: 511.62 million
SOL’s Coinmarketcap ranking: #9
Furthermore, we will also look into the SOL/BTC market, to analyze value movement, and also come up with usable trading decisions.
Important Price Marks:
Ceiling Marks: $35.00, $40.00, $45.00
Floor Marks: $32.38, $30.00, $28.00
Solana’s Price Deduction: SOL/USD Price Is Ranging, May Break Previously Holding Support
SOL/USD market has been generally moving sideways since the close of August till now, within $34 and $30.00 price levels. Nevertheless, technical indicators are shaping to portray the possibility of price action plunging lower. Consequently, this may see price action breaking down a support level of $30, which has held for a significant length of time. The latest price candle formed under the MA of the Bollinger. Also, the leading line of the RSI has fallen below the overbought area, while the lagging one is still at the 75% level. And since there is still some significant distance from here to the next Fibonacci level, the price can reach below the $30 support before a reversal occurs. However, traders can expect Solana’s price to reach near $30 and $28 in the near term.
Solana Price Deduction: SOL/BTC May Continue Falling
Technical indicators on the SOL/BTC market show that agree with value falling lower. This can be perceived as the latest green candle was only able to push market value to the same level as the MA of the Bollinger indicator. Also, the size of the candle shows that the bulls are weak, and may soon be overpowered.
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Furthermore, the Stochastic RSI curves are plunging steeply downwards towards the oversold. Also, these curves have fallen to where they are prone to moving further downwards. Therefore, traders in this market trader can anticipate a significant uptrend to develop near the 61.80 Fibonacci level of value of 0.001577. This is because more buyer may have placed a buy order near this level.
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