Solana Price Trades Laterally, What Could Be The Next Level?

The Solana market has fluctuated over the past week with little change in 24 hours. SOL decreased by 6% over the week. At this moment, Solana’s price isn’t moving toward the bearish territory or the bullish zone.

Technical outlook for altcoin is mixed. Broader market weakness could be attributed to the altcoin’s mundane price action.

Bitcoin fell below $20,000 and other notable altcoins followed suit.

Buying strength on Solana’s daily chart remains in the negative with chances of it dropping on its chart further. The bulls have also been working hard to maintain the $29 price.

SOL could be forced into a bearish hole if it falls below this level.

Solana’s prices have recently reached a bottom that is rounding, which has made buyers excited about the next price move. But, it was unable to keep the bullish anticipation. Today, the global cryptocurrency market is worth $1 trillion. 0.1%In the past 24 hours, there has been a negative shift.

Solana Price Analysis: One Day Chart

Solana Price
Solana was valued at $33 in the 1-day chart. Source: SOLUSD via TradingView| Source: SOLUSD on TradingView

SOL traded at $33 as of the writing. The $37 price point was reached by the bulls, which caused SOL to drop to its next support area.

At this moment the bulls want to protect the price for altcoin, which is currently at $29. At $37, the overhead resistance stood for this coin.

SOL could trade as high as $40 if the price of the coin reaches the $37 level. One push by the bears can make Solana land in $27.

SOL trading volume for the most recent session decreased slightly. It indicates that buyers have slightly fallen.

Technical Analysis

Solana Price
Source: SOLUSD on TradingView| Source: SOLUSD on TradingView

SOL showed a declining purchasing strength in the 1-day chart. Solana noticed a modest increase in buying strength over the 24 hour period, which suggests that market buying strength is returning.

Relative Strength Index saw a lower half-line, which indicated that buyers were greater than sellers.

The Solana market price fell below the 20 SMA, which indicated that buyers were less active and sellers were driving price momentum.

Solana Price
Solana flashed  sell signal on the one-day chart | Source: SOLUSD on TradingView

A mixed signal was evident from the technical indicators that track Solana’s price. While some indicators showed positive price movement, others indicated that there was still negative.

Moving Average Convergence Divergence signals the market’s momentum and change in price action.

MACD went through a bearish crossover, which pointed toward a sell signal. Chaikin Money flow is responsible for measuring capital outflows and inflows at any given time.

CMF was above the halfway line, which indicated that capital inflows exceeded outflows as of the writing.

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