Solana Struggles Below Key Resistance, Can Price Flip $30 Into Support?

  • SOL’s price struggle to reclaim a key support area of $30 after losing this region. 
  • SOL is below a triangle because the market price appears weak, despite Bitcoin (BTC), pushing prices up. 
  • SOL prices respect the resistance line if they trade below the 50-200 Exponential moving averages (EMA).

Solana’s (SOL), price has struggled to start October, despite traders and investors hoping that the month will be good for all crypto. It has been quiet for the entire crypto market. This includes the major players such as Bitcoin (BTC), Ethereum(ETH) and Binance Coins (BNB).

Solana (SOL), Price Analysis on The Weekly Chart.

Solana has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of SOL hasn’t enjoyed a measure of relief that should be expected for a coin with huge partnerships and one of the best communities driving the project to the mainstream of crypto.

The price of SOL rose to $250, which is the highest price it has ever reached. However, there was a lot of downtrend and the price fell to $20 per week. It then rose to $45, the high point of the weekly rally. This price level saw resistance from breaking out of this area to $60.

SOL’s price was rejected at $30. It bounced back to $35, but it couldn’t move higher because the price ranged. 

SOL’s next weekly Support is at $24, with the price eyeing a retest of that region; if SOL fails to reclaim $30 support that is now resistance, we could see the price going lower to $24-$20 as there is no strong weekly support close to this region.

Weekly resistance for the price of SOL – $35.

Weekly Support for the price of SOL – $24.

SOL on The Daily (Daily) Price Analysis Chart

Source : SOLUSDT on| Source: SOLUSDT On

SOL’s price continues trading below its key resistance of $30, after it had broken below its support zone. SOL saw strength as it held the support zone and formed a triangle. SOL fell below support and broke. This indicates that bears had more control than the SOL price.

SOL’s current price is $28.4 because the price has failed to maintain its Key Support. The price attempts to recover this area to launch a price rally. 

Daily resistance for the SOL price – $34.

Daily Support for the SOL price – $24-$20.

InvestorPlace, Charts from Tradingview

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