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Bulls may dominate the Solana market soon
Solana Price Analysis –02 December
In case buyers defend the support level of $12 and bulls gain more momentum, Solana may break up the resistance level of $19 and expose the price to the $23 and $26 resistance levels. Should bears’ pressure increase, the price may decrease further below the $12 support level, in which the support level of $10 and $08 may be tested.
SOL/USD Market
Key Levels:
Resistance levels: $19, $23, $26
Support levels: $12, $10, $08
SOL/USD Long-term Trend: Ranging
On the daily time frame, Solana is on the ranging movement. Sellers’ pressure pushed the price to the found support level of $12. The price bounced up as a pullback but sellers would not let the coin go. The low of $12 was retested and the sellers lose momentum. The bulls equally have very low pressure and this scenario leads to price consolidation around the $12 support level.
Solana is trading around the 9-period and 21-period EMAs at close contact as an indication of low bearish and bullish momentum. In case buyers defend the support level of $12 and bulls gain more momentum, the price may break up the resistance level of $19 and expose the price to the $23 and $26 resistance levels. Should bears’ pressure increase, the price may decrease further below the $12 support level, in which the support level of $10 and $08 may be tested.
SOL/USD Medium-term Trend: Ranging
On the 4-hour chart, Solana is ranging. The price was rejected at the resistance level of $38. It started decreasing and broke down the support levels of $23 and $19. The low support level of $12 is tested on 09 November. The bears’ pressure became weak, likewise the bulls’ pressure, then, consolidation began to till the moment.
Solana is trading around the two EMAs and 9-period EMA is interlocked with 21-period EMA as an indication of a ranging market. However, the relative strength index period 14 is at 47 levels, and the signal line points up to indicate a buy signal. Low bullish momentum in the Solana market, and there is a high bullish momentum in Dash 2 Trade market.
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