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The sellers intensify their pressure in Solana market
Solana Price Analysis – September 19
In case Solana break down $28 support level, price may decrease to the support level at $25 which may extend to $23. When the $23 support level holds, 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, $23
SOL/USD Long-term Trend: Bearish
Solana is on bearish movement on the daily chart. Sellers intensify their pressure and the price could not withstand the pressure. Solana decreases, the former support level of $31 is broken downside and face the support level of $28. The Bearish trend that commenced on 14 August at the resistance level of $38 is still pushing the price towards the support level of $28. Further price decrease envisaged.
Sellers dominate the market as the price crossed the 9 periods EMA and 21 periods EMA downside. In case price break down $28 support level, price may decrease to the support level at $25 which may extend to $23. When the $23 support level holds, price may increase to the resistance levels at $31, $34 and $38. Meanwhile, the relative strength index period 14 is at 46 levels displaying bearish direction.
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SOL/USD Medium-term Trend: Bearish, TAMA Is Now Sold Out!
On the 4-hour chart, Solana’s performance is bearish. After the consolidation at $31 level, pressure from the buyers of Solana pushes the price to $38 price level. Bullish pressure fails and sellers return to the market with full force. The price is under the control of the sellers. The former support level of $31 has turned to resistance level.
An increase in the sellers’ pressure may bring the coin to the low level at $31. The Relative Strength Index period 14 is at 41 levels and the signal line pointing down to indicate the sell signal.
Tamadoge Head of Growth Carl Dawkins spoke at a Blockchain and NFT conference as part of London Metaverse Week on Saturday, with several other TAMA holders in attendance. New crypto token presales and ICOs can often outperform bearish market conditions even if their launch day is a red day – investor sentiment, hype and optimism is highest in the early stages of a new crypto project.
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