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The sellers are dominating Solana market
Solana Price Analysis – September 09
Should Solana break up $38 resistance level, price may reach the high at $38 which may extend to $39 and $40. In case the $38 level holds, price may decrease to the support levels at $34, $31 and $28.
SOL/USD Market
Key Levels:
Resistance levels: $38, $39, $40
Support levels: $34, $31, $28
SOL/USD Long-term Trend: Bullish
Solana is on bullish movement on the daily chart. Bearish trend that started on 14 August at the resistance level of $47 has pushed the price to the support level of $31. The buyers’ pressure increased on September 07, with the formation of strong bullish engulfing candle at the support level of $31. Solana price is increasing towards the resistance level of $38.
Buyers are dominating the market as the price crossed the 9 periods EMA and 21 periods EMA upside. The former EMA is crossing the later upside to confirm the bullish trend. Should price break up $38 resistance level, price may reach the high at $38 which may extend to $39 and $40. In case the $38 level holds, price may decrease to the support levels at $34, $31 and $28. Meanwhile, the relative strength index period 14 is at 53 levels displaying bullish direction.
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SOL/USD Medium-term Trend: Bearish, Buyers Strongly Prefer TAMA
On the 4-hour chart, Solana’s performance is bullish. The price reached the support level of $32, sellers lose momentum. Price lose momentum and there was short period of consolidation. After the consolidation at $32 level, pressure from the buyers of Solana pushes the price above $34 price level. The price is under the control of the buyers. It seems the bulls’ pressure is getting increase and the price is heading towards $38 price level.
An increase in the Bulls’ pressure may bring the coin to the high level at $38. The Relative Strength Index period 14 is at the 73 levels and the signal line pointing up to indicate the buy signal.
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