The Solana price rose significantly in mid-June, but a recent correction phase has brought it back below $22, where it has found firm support. The technical prognosis is now bearish, implying a likely minor dip before a possible turnaround.
Then, now the price of the floor rose very significantly with a total supply only 475.
Still believe and holding, bc @TheChickenzNFT will launch v2 in this mounth. Then i can play their game. #Solana pic.twitter.com/kAlnwIYHbm
— Ahohoy (@rangga_dikta) November 9, 2021
In the previous week, the altcoin attempted to climb from the support level, but the bullish momentum faded. Despite the possibility of a rally due to a demand zone below $22, a fresh resistance level at $25 may pose a hurdle.
As Bitcoin fell into the $29,000 range, other cryptocurrencies saw their charts fall as well. Overall market strength is critical for SOL to reverse its trajectory. The declining market capitalization of SOL suggests that sellers maintain price control.
SOL was trading around $22.80 at the time of writing, displaying resilience around a strong support zone. Although a dip from this level may entice buyers, there is a chance that the altcoin may fall below the $20 barrier. If buyers enter the market, the next resistance levels will be $23 and $25.
These peaked at 400 Sol range when Solana was trading around $100 I think pic.twitter.com/9fMklR3fs3
— Big◎s (@BigOsCrypt) July 20, 2022
Once the $25 price level is breached, Solana may aim for $30, implying a 36% increase. SOL, on the other hand, must avoid sliding below $20, as this would negate any bullish comeback. The volume of SOL traded decreased in the previous session, indicating a fall in buying strength.
Red histograms were seen in the Moving Average Convergence Divergence (MACD) indicator, which gauges price momentum and trend changes. This reading was associated with sales indications. Despite this, the sell signals were rather brief, implying that the cryptocurrency may experience some purchasing strength in future trading sessions.
ADA moved up by 2.4%. Bearish signs were seen for the alt. The MACD flashed red histograms below the half-line as the lines moved steadily in a southbound direction. The Moving Average line seemingly confirmed the bearish trend as it was seen moving above the candlesticks.
— mayhem247ai.wallet (@Mayhem247Ai) November 15, 2022
The Directional Movement Index (DMI), which signals price direction, on the other hand, remained negative. The -DI (orange) line was placed above the +DI (blue).