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Bulls may dominate Solana market soon
Solana Price Analysis –23 November
When buyers defend the support level of $12, bulls may increase their momentum, and Solana may break up the resistance level of $19 and expose the price to $23 and $26 resistance levels. In case the bears’ pressure increases, 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: Bearish
On the daily time frame, Solana is on the strong bearish movement. Sellers hold unto the Solana market. The crypto declined sharply from the resistance level of $38 on 06 November. The support level of $13 was reached on 08 November. It pulled back and commenced a slow bearish movement towards the previous low. It seems the bulls are gathering momentum to take over the market.
Solana is trading below the 9-period and 21-period EMAs at close contact as an indication of low bearish movement. When buyers defend the support level of $12, bulls may increase their momentum, and the price may break up the resistance level of $19 and expose the price to $23 and $26 resistance levels. In case bears’ pressure increases, 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: Bearish
On the 4-hour chart, Solana is bearish. When the price falls from the high of $38 to the low of $13 level with strong momentum from the sellers. The momentum of the sellers fails and could not break down the $13 support level. Also, the bulls’ momentum is very low and this is what led to price consolidation within the two levels mentioned.
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 56 levels, and the signal line pointing up to indicate a buy signal.
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