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The sellers are dominating SOL market
Solana Price Analysis – August 30
Should SOL break down $28 support level, price may reach the previous low at $25 which may extend to $20. In case the $28 level holds, the price may increase to the resistance levels at $31, $34 and $38.
SOL/USD Market
Key Levels:
Resistance levels: $31, $34, $38
Support levels: $28, $25, $20
SOL/USD Long-term Trend: Bearish
Solana is on bearish movement on the daily chart. When the sellers’ pressure increased on August 26, with the formation of strong bearish candle which penetrated the $34 support level downside. Solana price decreases to the $31 support level. More pressure from sellers decline price towards $28 level. At the moment, Solana is expose to $28 support level.
Sellers continues to dominate the market as the price crossed the 9 periods EMA and 21 periods EMA downside. The former EMA has crossed the later which confirms the bearish trend. Should price break down $28 support level, price may reach the previous low at $25 which may extend to $20. In case the $28 level holds, the price may increase to the resistance levels at $31, $34 and $38. Meanwhile, the relative strength index period 14 is at 34 levels displaying sell direction.
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SOL/USD Medium-term Trend: Bearish, Bias on TAMA Is Upbeat
On the 4-hour chart, Solana’s performance has been bearish. The price reached the resistance level of $47 on August 13. After the consolidation at $34 level, pressure from the sellers of Solana pushes the price to $31 price level. The price is under the control of the sellers. It seems the bears’ pressure is getting increase and the price is struggling at the moment to break down $31 price level..
An increase in the Bears’ pressure may bring the coin to the low level at $28. The Relative Strength Index period 14 is at the 39 levels and the signal line pointing down to indicate the sell signal.
Tamadoge (TAMA) is the gateway token of the Tamaverse – where you’ll be able to mint, breed and battle your own Tamadoge pet in the metaverse.
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