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December 7, 2023
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SOL Price Analysis: Solana Price On The Verge Of A Trend Reversal Soon?

The post SOL Price Analysis: Solana Price On The Verge Of A Trend Reversal Soon? appeared first on Coinpedia Fintech News

The crypto market has experienced a bullish start to the week as the market has displayed a rise of over 2.5% in value. Cryptocurrencies have once again stabilized after the bearish week it had traded in, suggesting a possibility of the Bitcoin and altcoins to end the month on a bullish note.

Solana price had ended the previous month on a positive note, as the coin had gained over 15% during the last week of the month of September. The coin continued to gain during the start of October, after which the SOL price experienced a trend reversal and was seen trading in a descending channel.

Solana Price Analysis
TradingView: SOL/USDT

Further, the coin was seen hovering close to its important support zone at $21.15, following which bulls gained momentum and pushed the price above the support zone. Solana’s price displayed a bullish jump during early trading hours today after the news surfaced of FTX estate staking over 5.5 Million Solana coins, resulting in the coin breaking out of the resistance trendline. 

The Solana price is currently hovering between its resistance zone and trendline and is on the verge of testing the zone at $23.20, of which the outcome is uncertain.

The RSI displays a significant price movement for the coin as the averages jump from the oversold range to the overbought range within four days. The RSI has recently breached the upper zone, indicating a massive ongoing price action for Solana.

Will SOL Price Reagin Value?

If the bulls manage to push the price above the resistance zone at $23.20, the SOL coin will gain a strong bullish movement and continue to rise toward its upper resistance level of $24.22.

Further, if the market manages to hold the price at that level, it will continue to gain value and make a run to test its resistance level of $26 soon.

On the contrary, if the bears come into power and a trend reversal occurs, the price will fall back into the descending channel. The Solana coin will then continue trading under the influence of the bears and prepare itself to test the support level of $22.43 soon.

Moreover, if the bulls fail to hold the price at that level, the price will further fall and test its lower support level of $21.15 in the coming time.

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