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Bulls may dominate the Solana market soon
Solana Price Analysis – 15 November
When sellers increase their momentum Solana may break down the support level of $12 and expose the price to $10 and $08 psychological support levels. In case bears’ pressure fail, the price may change direction to bullish towards the resistance level of $19, $23, and $26.
SOL/USD Market
Key Levels:
Resistance levels: $19, $23, $26
Support levels: $12, $10, $08
SOL/USD Long-term Trend: Bearish
On the daily time frame, Solana is on the strong bearish movement. The crypto was ranging within the resistance level of $38 and the support level of $26 for more than two weeks before the sellers dominates the market. The sellers started dominating the market on 08 November when more momentum was acquired by the sellers, and the support levels of $23 and $19 turns into resistance levels.
At distance, Solana is trading below the 9-period and 21-period EMAs as an indication of strong bearish movement. When sellers increase their momentum price may break down the support level of $12 and expose the price to $10 and $08 psychological support levels. In case bears’ pressure fail, the price may change direction to bullish towards the resistance level of $19, $23, and $26.
SOL/USD Medium-term Trend: Bearish
On the 4-hour chart, Solana is bearish. The resistance level of $38 was tested on 05 November. Bull’s momentum failed and this prevented price from breaking up the just-mentioned level. An evening Doji candle pattern formed at the same level which signals to the traders that bears are gathering momentum. More bearish candles were produced and the price declined toward the support level of $14 after breaking down support levels such as $23 and $19.
However, the relative strength index period 14 is at 43 levels and the signal line pointing up to indicate buy signal.
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