Solana Price Prediction Today, October 17, 2022: SOL/USD Shapes to Reverse Trend

Solana started a new bearish market around the 5th of October after the market tested a strong resistance of $34.00. Since then till now price action has been moving toward lower levels.

Solana Analysis Statistics Data:
Solana value now: $29.86
SOL’s market cap: $10.72 billion
SOL’s moving supply: 358 million
The Total supply of Solana: 511.62 million
SOL’s Coinmarketcap ranking: #9

Currently, it looks as if we are about to witness some upside correction. We shall carry out more studies on this market to get better understanding of the current occurrence, and what may happen in the near future. Also, we will extend our scope to the SOL/BTC market as well

Major Price Marks:
Resistance: $29.86, $31.00, $32.00
Support: $28.00, $27.00, $26.00

Solana Price Prediction Today, October 17, 2022: Is SOL/USD on the Verge of Upside Correction
After price movements in the SOL/USD market tested the floor of the Bollinger indicator, it appears as if we are already seeing a change of trend. This can be seen as a green candle formed in this session, which has pushed the price off the floor. Furthermore, it appears as if the Stochastic RSI indicator has decisively performed a bullish crossover in the oversold. By implication, an uptrend will build up from here. Therefore traders in this market can anticipate the price surpassing the $30.50 resistance. Traders can either buy straight away or place a pending buy entry at $30.00.

Solana Price Prediction Today, October 17, 2022: SOL/BTC Appears to Be Changing Direction
Price activity on the SOL/BTC market looks very much like the one in Solana versus Dollar. In this market price action is also bouncing off the lower band of the Bollinger band. Also, price action is still very much below the MA line of the Bollinger, which generally portrays the prevalent trend in this market at the moment.

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However, looking at the RSI it looks like an uptrend is brewing up seeing the occurrence of a crossover in the oversold. One thing though is that the trend is still weak at this point, as it is in the oversold zone. Traders can still wait for the crossover to acquire more momentum, by placing a buy entry a bit above 0.001600.