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Solana Price Reverses Its Green Start, What’s The Next Target?

Solana Price Reverses Its Green Start, What’s The Next Target?

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The price of Solana started well this week, even though the market situation was unstable. The bulls have been tired in the last 24 hours. Over the past day, the altcoin fell 3 percent. Solana’s prices have risen by almost 6% in the last week.

The technical indicator continued to show that the bears were in control at the time of the squeeze. If the buying power continues in the same direction, most of the coin’s weekly gains will be nullified.

The technical outlook for the coin was negative as the sellers assumed responsibility at the time of writing.

The current support range of the coin is between $33 and $26. If SOL breaks below its current price level, the bears will gain momentum on the chart.

As Bitcoin continued to hover near the $19,000 mark, most altcoins also began to fluctuate on their respective charts, moving closer to their immediate support level.

In order for Solana’s price to reach the next price ceiling, demand for the coin needs to increase in its chart.

Solana Price Analysis: One Day Chart

Solana’s price was $33 on a one-day chart | Source: SOLUSD on TradingView

At the time of writing, SOL was trading at $33. The coin had rallied in recent days, but the bulls faced resistance and it fell on its chart.

The immediate resistance for the coin was $38 and then the second price ceiling was $41. If Solana’s price decides to rise above the $41 level, the chart could be bullish.

On the other hand, the closest support line was at $29, and a break from that level would make the altcoin trade at $26.

The traded volume of the altcoin decreased in the previous session, suggesting that buying power has weakened on the chart.

Technical analysis

Solana price
Solana recorded a decline in purchasing power on the one-day chart | Source: SOLUSD on TradingView

The altcoin showed more selling power on its one-day chart. Despite the rise in recent days, Solana has not seen an increase in buyers.

This also meant that demand was at lower levels. The relative strength index rose and the indicator was at the halfway line, which meant that there were an even number of buyers and sellers.

However, other indicators were in line with the selling power of the chart.

Solana’s price was below the 20-SMA line, which also showed that sellers were driving price momentum in the market. With demand strengthening slightly, the SOL could travel above the 20-SMA line.

Solana price
Solana showed a buy signal on the one-day chart | Source: SOLUSD on TradingView

SOL’s other technical indicators were still turning fully bearish, even though the indicators depicted the beginning of bearish pressure.

Moving Average Convergence Divergence indicates price momentum and general price direction.

MACD was still showing green histograms which was a buy signal for the coin.

The green signal bars were falling, which also meant that the positive price momentum was falling.

The Directional Movement index showed price momentum and it was positive because the +DI line was above the -DI line.

The average directional index was below 20 marks, indicating that the current market action was weaker.


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