Stabilizing after an intense bearish hit in the Uptober season, the Solana (SOL) price treads carefully over crucial support zones. With the intent to find a reversal spot, the buyers are preparing a solid footing to revive the upside momentum.
With such moves, the Solana price prediction anticipates a bullish journey for SOL price in the upcoming altseason.
Maintaining a declining trend following the blunt rise in early 2023, the correction phase in the SOL coin price took the shape of a falling channel. The bearish channel started from the overhead rejection at $30, ushering to a quick correction of 35% to the $17.75 mark.
However, the 10% jump in Solana within the falling channel led to a 35% increment till 1st October. Furthermore, the uptrend breached the $20 mark, which proved to be a crucial resistance zone.
The SOL price action displays a pullback phase due to the high price rejection observed at the $25 mark. This directs to a sideways trend between the $22 support zone and the overhead resistance of $25.
Currently, the pullback phase comes as a retest of the upside breakout and hints at the opportunity of a positive turnaround. To support this thesis, the Solana trend movement displays the potential of a morning star forming with the support of a 200-day EMA.
The SOL price is currently trading at $22.15 with a 0.14% intraday growth with the two doji candles. Followed by the sharp correction the day before yesterday, this hints at the possibility of a morning stop pattern.
Technical Indicators:
Exponential Moving Averages: The breakout rally breached the 50 and 200-day EMA, leading to increased proximity. This signals a greater possibility of a golden crossover.
RSI indicator: The RSI indicator takes a sharp reversal from the overbought zone to crash under the 14-day SMA. However, the RSI line sustains above the halfway line, presenting a bullish fuel left in the uptrend journey.
Also Read: SOL Price Analysis: Solana Price Records The Highest Inflow Since March 2022! What’s Next For SOL Coin?
Will the SOL Price Reach $30?
If the SOL coin price sustains above the 200-day EMA, the possibility of an uptrend continuation to the $28 mark is significantly higher. Moreover, the uptrend may show a golden crossover and start a bullish chain reaction to reclaim further resistance levels.
However, a downtrend continuation below the crucial EMAs will endanger the bullish dominance at the psychological level of $20. In such a case, the Solana trend might retest at $19.45.
Credit: Source link