Solana Struggles Below Key Resistance, Can Price Flip $30 Into Support?
- SOL’s price struggle to reclaim a key support area of $30 after losing this region.
- SOL breaks below a descending triangle as the price looks weak despite Bitcoin (BTC) dragging market prices upwards.
- The price of SOL respects the resistance line as the price trades below 50 and 200 Exponential Moving Averages (EMA).
The price of Solana (SOL) has had a difficult start to October despite many traders and investors speculating the month to be fruitful for most crypto, including Solana (SOL), calling it names like Uptober. The crypto market, including the big players like the likes of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB), have all had a quiet month as the price of most altcoins have found their price battling for survival as the aim to defend (Data from Binance)
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Solana (SOL) Price Analysis On The Weekly Chart.
Solana has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of SOL hasn’t enjoyed a measure of relief that should be expected for a coin with huge partnerships and one of the best communities driving the project to the mainstream of crypto.
After the price of SOL rallied to a high of $250 with what is its all-time high, the price has faced so much downtrend as the price dropped to a weekly low of $20; the price rallied from this low to a high of $45, where the price faced resistance to breaking above this region to a height of $60.
The price of SOL faced a rejection to a low of $30, where the price bounced and rallied to a high of $35 but could not move higher as the price continued to range.
SOL’s next weekly Support is at $24, with the price eyeing a retest of that region; if SOL fails to reclaim $30 support that is now resistance, we could see the price going lower to $24-$20 as there is no strong weekly support close to this region.
Weekly resistance for the price of SOL – $35.
Weekly Support for the price of SOL – $24.
Price Analysis Of SOL On The Daily (1D) Chart
In the daily timeframe, the price of SOL continues to trade below the key resistance formed after breaking below its key support zone of $30. The price of SOL showed strength, holding this support zone as the price ranged to form a descending triangle. The price of SOL broke and closed below Support, indicating bears were more in control as the price of SOL struggled.
The price of SOL currently trades at $28.4 as the price failed to hold its key Support as the price tries to reclaim this region to initiate a price rally for SOL price.
Daily resistance for the SOL price – $34.
Daily Support for the SOL price – $24-$20.
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Featured Image From InvestorPlace, Charts From Tradingview