Published 3 hours ago
The Solana price has remained in a correction phase for nearly a month now. Amid this downfall, the coin price plunged from the peak of $26.1 to the current price of $20.43, recording a loss of 24.15. Moreover, the falling price is strictly resonating between two trendlines showcasing the formation of a falling wedge pattern. Despite the broader market sell-off, the SOL price is respecting this pattern structure and gives a better understanding of possible price movement.
advertisement
Key points
- A potential breakout from the wedge pattern will signal the end of the correction phase
- A bearish crossover between the 20-and-100-day EMA may increase selling orders in the market
- The 24-hour trading volume in the Solana coin is $388.2 Million, indicating a 15.5% loss.
Source-Tradingview
While the crypto market witnessed an aggressive downfall in the last few days, the Solana price has been moving sideways above the combined support of $19.7 and a lower trendline of a falling wedge pattern.
Moreover, the sideways movement also displays lower price rejection candles indicating the buyers are actively defending the aforementioned supports. These reversal signs suggest the prices are likely to rise 5% in the near future and hit the pattern’s overhead trendline.
Trending Stories
Also Read: Best Cryptos Private Sale For 2023
Under the influence of this pattern, the Solana price should breach the resistance trendline as a sign of uptrend resumption. With sustained buying, the buyers could drive the prices 28-30% higher to hit the $28.14-$26.78 resistance zone.
However, if the market sentiment remains bearish, the Solana price may continue to consolidate with the wedge pattern before a genuine breakout.
Technical Indicator
Moving Average Convergence/Divergence: The MACD(blue) slope moving below the signal(orange) accentuates the downtrend momentum in the Solana price
Exponential Moving Average: The daily EMAs(20, 50, and 100) moving near the $22 mark create a resistance zone of traders.
Solana Coin Price Intraday Level
- Spot price: $20.39
- Trend: Bullish
- Volatility: Medium
- Resistance levels: $23.8 and $26
- Support levels: $19.7 and $16
Share this article on:
advertisement
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
<!– Close Story–>
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoAiStream. Web3 Data Intelligence. Knowledge Amplified. Access Here.
- Minting the Future w Adryenn Ashley. Access Here.
- Buy and Sell Shares in PRE-IPO Companies with PREIPO®. Access Here.
- Source: https://coingape.com/markets/bullish-pattern-protects-solana-price-amid-market-correction-is-this-the-right-time-to-buy/
- :has
- :is
- :not
- 1
- 10
- 100
- 12
- 14
- 15%
- 20
- 200
- 24
- 50
- 7
- 8
- 9
- a
- above
- actively
- Ad
- aggressive
- ago
- also
- am
- Amid
- an
- and
- any
- ARE
- article
- AS
- At
- author
- avatar
- average
- bearish
- Beauty
- been
- before
- below
- Better
- between
- blockchain
- Blue
- breach
- breakout
- Brian
- broader
- Bullish
- buy
- buyers
- Buying
- Candles
- Coin
- Coingape
- COM
- combined
- condition
- consolidate
- content
- continue
- correction phase
- could
- create
- crypto
- Crypto Market
- cryptocurrencies
- cryptocurrency
- cryptos
- Current
- daily
- Days
- Defending
- Despite
- different
- displays
- do
- does
- downfall
- drive
- EMA
- end
- Entertainment
- Ether (ETH)
- Falling
- Fashion
- few
- finance
- financial
- follow
- For
- formation
- from
- future
- genuine
- gives
- Have
- higher
- Hit
- hold
- HOURS
- HTTPS
- i
- if
- in
- include
- Including
- Increase
- influence
- investing
- journalism
- jpg
- Last
- levels
- likely
- loss
- mark
- Market
- market correction
- market research
- market sentiment
- May..
- million
- Momentum
- Month
- Moreover
- movement
- moving
- moving average
- Near
- nearly
- now
- of
- on
- Opinion
- or
- Orange
- orders
- out
- past
- Pattern
- Peak
- personal
- phase
- plato
- Plato Data Intelligence
- PlatoData
- plugin
- plunged
- possible
- potential
- presented
- price
- Prices
- private
- Publication
- reach
- Read
- recording
- remained
- remains
- research
- Resistance
- respecting
- responsibility
- Reversal
- right
- Rise
- sale
- sell-off
- Selling
- sentiment
- Share
- should
- showcasing
- sideways
- sign
- Signal
- Signs
- Slope
- SOL
- SOL Price
- Solana
- solana coin
- Solana Price
- structure
- subject
- suggest
- support
- Supports
- sustained
- The
- These
- this
- time
- time to buy
- to
- Topics
- Traders
- Trading
- trading volume
- TradingView
- trending
- two
- understanding
- uptrend
- variety
- volume
- will
- with
- witnessed
- working
- written
- years
- Your
- zephyrnet