SOL price trades on a muted note with modest gains. The price glides into a tight range with limited price action. However, the formation of the ‘Doji’ candlestick indicates indecision among investors. As the altcoin hovers in a narrow phase, the next candlestick would set the directional bias.
- SOL price retreats below $50.0 as the selling pressure remains intact.
- On the 4-hour chart, the price approaches the 20-day EMA predicting more gains above this level.
- A weekly candlestick below $36.0 would invalidate the bullish outlook on the asset.
SOL price trades sideways
SOL price is still struggling to recover post a broader market sell-off. There seems to be no end to this massive downside trend. On moving down, the SOL price tested the lows of $35.0 for the first time in 10-month.
The descending trend line from the record highs acted as a strong resistance barrier for the bulls. The price tested the bearish line thrice but was unable to get through making lower lows. A slippage below the 20-day EMA (Exponential Moving Average) at $118.07 on March 28. Since then, the price dropped by 69%.
Source: Trading view
Currently, the price hovers near the crucial $50.0 mark, a sustained buying pressure would push the price higher to test $60.0. The next upside filter stands at 100-day EMA (Exponential Moving Average) at 74.
On the flip side, a weekly candlestick below $36.34 would invalidate any bullish outlook on the asset. In that case, the price could drop to the levels last seen in August 2021, at $32.36.
As of press time, SOL/USD trades at $50.24, up 2.66% for the day.
- LUNA Price Jumps 1500%, Time To Buy Or Another Trap?
- Terra Founder Proposes Revival Plan But LUNA 2.0 Shall Be An Uphill Task, Here’s Why
- Just-In: Circle Mints 8.4 Billion USDC Within 7 Days, Why?
- Buy The Dip? Whales Add $1.2 Bln Bitcoin As Price Falls Below $30K
- Just In: Tron’s New Addition Takes Stablecoin Supply Beyond $1 Billion
- Just-In: BAYC Votes For “Ape Drops” NFT Marketplace; What’s Next?
- Investors Warn On Bitcoin Dip, Here’s What They Say
- Not Just UST; Terra Crash Hits These Cryptos Hard
- Another Fantom Hack? FTM Slumps 15% After DEX Attack
- VanEck and 21Shares Suspend Their Terra ETPs After Recent Collapse
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
- TRX Price Analysis: Fallout of $0.075 Support Hints 18% Drop in TRX
- MANA Price May Tumble By 42%; Here’s Why
- BTC Price Consolidates Below $30,000; Is $34,000 Feasible From Here?
- XRP Price Prediction 2022-2027 : Will The Ripple Come out of the SEC Case ?
- Ripple Price Analysis: XRP Price Approaches $0.50; Is Bounce Back Feasible?
- Polkadot Price Analysis: Declining trendline Prevents DOT Price Recovery
- FTM Price Analysis: Retest to Channel Support Hints at Bullish Recovery