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SOL Price: Further Decrease to $28 Level Envisaged, Bias on TAMA Is Upbeat

SOL Price: Further Decrease to $28 Level Envisaged
SOL Price: Further Decrease to $28 Level Envisaged

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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.

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