- SOL Price Problems: $30 Support failed to Hold, with many buyers pondering their SOL positions.
- SOL prices drop below 50, 200-day Exponential Moving average; however, the price remains within the range of $30.
- SOL prices could drop to between $24 and $16 if there is a continued bearish trend.
Although the Solana price (SOL), has been struggling to recover its bullish power against USDT (tether), it was not able to do so as the market hit a fresh new rock. A new problem faced the crypto market as Bitcoin’s (BTC), price fell from $19,000 to $18,100. The Consumer Price Index (CPI), which suggested that inflation was increasing, impacted the BTC price negatively. Solana (SOL), however, wasn’t left out of this equation since the cryptocurrency lost its main support. (Data from Binance).
State Of The Market
The crypto market cap appeared to be poised for a rally, and there were relief bounces. However, the hope of altcoins joining this party was short-lived as several altcoins suffered a decline in price. Many altcoins lost key support, and are now at greater risk as Bitcoin Dominance’s (BTC.D.) price continues its rise.
Solana, (SOL) price analysis on the Weekly Chart.
In the first week of October, many altcoins were showing strong strength. Many others showed double-digit gains. The price retracement saw little Bitcoin effects.
SOL has been able to protect the $30 area over the past week, as prices have risen from this region to stay within this range. SOL’s price held this support zone to avert the possibility of turning this strong support into resistance. BTC’s price dropped to $18,200. SOL quickly recovered its support and bounced back to $30.
Weekly resistance for the price of SOL – $34.
Weekly support for the price of SOL – $30.
SOL Price Analysis on the Daily (1D), Chart
SOL price rejection was at $34 per day. The price has failed to break below this level and continues to struggle for support. After moving below $34, the price rejected $28. The price rebounded from this area to recover $30. This support area would be lost by SOL and the price will most likely fall to between $24-20.
SOL’s price traded at $30 after rebounding from a $28 drop. SOL’s price trades below the 50 and 200 Exponential Moving Averages (EMA) as the price needs to flip 50 EMA to resume a short-term bullish trend.
Daily resistance for the price of SOL – $34.
Daily support for the price of SOL – $30-$28.
Pymnts' Charts and the Featured Picture from Tradingview