Join Our Telegram channel to stay up to date on breaking news coverage
Solana (SOL) struggles to balance the $20.89 and $22.21 price levels in the bearish trend. The coin’s market faced three days of bearish control, creating uncertainty for a possible price rally in the coming week.
Due to price volatility in the crypto market, looking into the asset’s price performance in the previous and present days will reveal the market situation.
SOL’s Price Performance
SOL’s market is harmful and has created fear among traders owing to its 17% price loss in the past month, according to historical data from CoinGecko.
Today, August 21, 2023, the coin’s value is $21.42 at 05:02 EST, reflecting a 3% price drop in the last 24 hours. But information from TradingView shows the currency is facing a slight price stability today.
Solana’s Technical Outlook
Based on the chart above, the SOL is under the influence of the bears as selling pressure persists, evident in the formation of the last two red candlesticks. Meanwhile, some indicators show that the asset might witness an upward market movement in the next few days.
Solana is trading below the 50-Day and 20-Day Simple Moving Average (SMA), which implies a bearish trend today. But, if the selling pressure reduces and the market reverses, SOL could rally above the 50-Day SMA before the weekend, hitting the $25 price level.
Also, the Moving Average Convergence Divergence (MACD) is below the signal line with a red histogram bar. This suggests that SOL is in the bearish trend and aligns with the signal from the SMA as selling momentum continues.
Furthermore, SOL’s Relative Strength Index (RSI) is at 38 and moving close to the oversold zone (30). As such, the coin’s market value is falling, validating the bearish state from the SMA and MACD indicators.
However, SOL’s RSI approaching the oversold region signals a possible trend reversal. Investors who buy SOL at this price level may profit when it rallies to the $24.5 market value or above.
SOL’s Support and Resistance Price Levels
Considering the technical chart above, the coin has demonstrated a negative market status; it has tested the resistance and support zone 4 times before today due to price imbalances.
But now, the asset has entered the flip zone with higher selling pressure than in previous attempts, as seen by the width of the red candlestick. This implies that the bearish momentum is significant at this time.
If the actions of the bears force SOL’s price below the zone, investors could perceive a negative market sentiment which could further push down the cost to the $18.68 support.
Nevertheless, if some factors emerge in favor of the asset, it might surge to the $25.23 resistance when it goes above the flip zone.
Factors That May Influence Solana’s Market Behavior
On August 18, Solana announced its forthcoming “Solana Toronto Meetup” via the X platform.
4/💻Encode Autumn Bootcamp is a free, intensive, 6-week coding bootcamp to learn about Rust and building on Solana.
Apply now! https://t.co/LCwUntP51u
— Solana (@solana) August 18, 2023
According to the team, the meetup will hold on August 22 in Canada. This will mark the 3rd physical event for Solana since its launch.
The event’s primary purpose is to increase public awareness of the network in Canada, given that the Solana community has shown enthusiasm and trust in the network.
Notably, the event will feature a paper trading and wallet creation workshop by GooseFX for novices at Solana. It will also feature Solana’s Proof of Growth NFT, discuss the essence of the network, do giveaways, and many more.
Furthermore, the Solana network said it will start an Encode Autumn Bootcamp on September 7. The Bootcamp is co-sponsored by Mad Labs and will feature an intensive 6-week coding activity to learn about Solana and Rust.
The organizers promised that the event would qualify participants for job opportunities. These events will likely affect the coin’s market behavior in the future. New investors could adopt the project, thereby positively impacting the market value.
Sonik Coin Sparks Positive Reactions as Presale Hit Over $2.6 Thousand – 25X Possible?
Sonik presale has reignited the crypto meme frenzy, which started with Pepe The Frog meme project earlier this year. The digital asset’s success rate was impressive four days after the presale launched.
The project has captured the interest of investors across the online investment community owing to its presale achievement.
The team at Sonik ($SONIK) expects the project to be the fastest meme token that reached a $100 million market capitalization after its launch on crypto exchanges.
The SEGA game character “Sonic the Hedgehog” inspired the project, hoping that bringing its reality into the crypto space would boost the token’s market value.
But it’s important to note that Sonik Coin is not associated with the video game company or its affiliated products.
A fantastic feature of the project is its staking program that allows $SONIK holders who stake the token to receive more than 1000% return on investment. This could drive $SONIK to the crypto limelight after $PEPE and $BTC20
The project team allocated 50% of the entire token supply, over 299.7 trillion tokens, to the presale session. Today, the presale has raised more than $2.6 thousand at a selling price of $0.000014 for a single token of $SONIK.
According to information from the presale website, the team at Sonik Coin intends to reach a cap of over $2 million with a tier-1 presale stage. To ensure $ SONIK’s price liquidity and stability, the project creators set aside 10% of the token supply for DEX liquidity.
This approach will gradually boost the token’s market value and foster a smooth trading experience. To join the project, visit the presale website, connect a crypto wallet, and use ETH or USDT to acquire $SONIK.
Related News
Most Searched Crypto Launch - Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof & Coinsult Audited
- Staking Rewards - pepeunchained.com
- $40+ Million Raised at ICO - Ends December
Join Our Telegram channel to stay up to date on breaking news coverage
