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Bulls may dominate Solana market soon
Solana Price Analysis – October 24
A further increase in the sellers’ momentum may push the price below the support level of $27 and the price may reduce to $25 and $20 levels. In case there is an interruption from the buyers, Solana may change direction towards north and face the resistance level of $30, $32 and $34.
SOL/USD Market
Key Levels:
Resistance levels: $30, $32, $34
Support levels: $27, $25, $20
SOL/USD Long-term Trend: Bearish
Solana is on the bearish movement on the daily chart. Three weeks ago, the coin was on the ranging movement within the resistance level of $34 and $32. The ranging movement was carried out for more than two weeks. On October 10, sellers gained enough momentum to break down the $32 level. Bearish movement increases and the former support level of $32 and $30 was penetrated downside. The price decreases toward the support level of $27. The just mentioned level was tested and currently pulling back.
Solana is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish movement. A further increase in the sellers’ momentum may push the price below the support level of $27 and the price may reduce to $25 and $20 levels. In case there is an interruption from the buyers, price may change direction towards north and face the resistance level of $30, $32 and $34.
SOL/USD Medium-term Trend: Bullish
On the 4-hour chart, Solana’s performance is bullish. The sellers’ momentum is halted at the support level of $27 when a bullish engulfing candle formed. The price is already increased above the dynamic resistance levels. It is expose to the resistance level of $30. Further price increase envisaged.
However, the relative strength index period 14 is at 48 levels and the signal line pointing up to indicate buy signal.
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