The price of Solana respects the resistance line as the price trades below the 50 and 200 Exponential Moving Averages (EMA).
Many traders and investors thought that October would be a good month for most cryptocurrencies, including Solana (SOL), giving it names like “Uptober.” However, the price of Solana (SOL) has had a rough start to the month. The big players in the cryptocurrency market, like Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), have all had a quiet month. The prices of most altcoins have been fighting to stay alive as they try to defend their positions. (Source: Binance)
Solana (SOL) Price Analysis On The Weekly Chart.
Solana has been struggling to get its bullish momentum back. Even though the crypto space has been full of uncertainty, the price of SOL hasn’t gotten the relief that would be expected for a coin with big partnerships and one of the best communities pushing the project to the mainstream.
After the price of SOL went up to a high of $250, which is its all-time high, the price fell to a weekly low of $20. From this low, the price went up to a high of $45, where it met resistance and couldn’t go any higher to a height of $60.
The price of SOL was pushed down to a low of $30, where it was rejected. The price then bounced back up to a high of $35, but it couldn’t go any higher as it continued to range.
The next strong weekly support for SOL is at $24, which the price is looking to retest. If SOL fails to reclaim $30 support, which is now resistance, the price could go down to $24 or $20, as there is no strong weekly support close to this area.
Weekly resistance for the price of SOL – $35.
Weekly Support for the price of SOL – $24.
Price Analysis Of SOL On The Daily (1D) Chart
After breaking below its key support zone of $30, the price of SOL continues to trade below the key resistance that has formed. As the price of SOL moved around to form a descending triangle, it showed strength by staying in this support zone. The price of SOL broke and closed below Support, which showed that bears had more control as the price of SOL struggled.
The price of SOL is currently $28.4. The price hasn’t been able to hold on to its key Support, so it’s trying to get back to this area to start a price rally for SOL price.
Daily resistance for the SOL price – $34.
Daily Support for the SOL price – $24-$20.