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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Aug 31, 2023 09:02 UTC
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Solana Price Analysis: With SOL Price Struggles For A Bull Wave, Will Sellers Plunge It To $15?
SOL price action displays a falling channel pattern in the daily chart.
Solana coin price falls by 4.45% as it loses the recent market sentiment improvement gains.
A death cross in the 50 and 200-day EMA gains a bearish gap.
Despite spending the majority of 2023 in the sideways lane, Solana maintains a year-to-date growth of 112%. One of the few blue-chip crypto to maintain a triple-digit YTD growth, the SOL price trend promises a short-term recovery rally.
Currently, the SOL price remains trapped in a falling channel, a 24% correction drops the crypto to $20. With buyers attempting to bounce the SOL price back higher, the bullish wave prepares a launch from the support trendline.
Currently trading at $20.72, SOL price suffers a 4.45% drop, losing its recent gain in the market recovery, fueled by Grayscale’s legal win. Despite the 24-hour crash, the SOL coin price clings to the 38.20% Fibonacci level.
Moreover, a short-coming support trendline creates a demand confluence with the 38.20% Fibonacci level.
Coming to the technical indicators, the MACD indicator highlights a bullish signal with a positive crossover. The daily RSI line struggles to cross above the halfway line while maintaining a recovery.
Considering the buyers manage to hold off the correction above the support confluence at $20, the SOL prices are set to skyrocket. The bullish wave will rechallenge the resistance trendline at $23 and potentially reach $28 with a breakout.
On the flip side, a breakdown below $20 will mark a bearish stage for Solana, starting a deeper correction. With a 10% drop, the downtrend can test the bullish dominance at $18.45.
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