Advertiser disclaimer

Solana Nears $21 After Dipping Below $22.50 Fibo Level

author
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on October 12, 2023 | 1 min
Updated on Oct 15, 2023
Advertiser disclaimer
  • Solana trades at $21.73, marking a 2.19% decline within a 24-hour span.
  • Technical indicators suggest a potential downward momentum with RSI at 34 and MACD at -0.09.
  • Key resistance at the 38.2% Fibonacci level set at $22.45, challenging SOL’s upward movement.

Solana, a prominent blockchain platform, has recently witnessed a downward trajectory, slipping below the crucial 38.2% Fibonacci level of $22.50. As crypto analysts and enthusiasts observe its movement, speculations arise: Is $21 the next significant stop for this digital asset? The market dynamics, coupled with the current cryptocurrency trends, provide insights into this potential descent, prompting investors to stay vigilant about the upcoming shifts.

Show more
SOL/USD Price Chart
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

Solana (SOL), a notable cryptocurrency, has been on a bearish trend recently, with its price trading at $21.73, marking a 2.19% decline in the last 24 hours. The coin now ranks 7th on CoinMarketCap, boasting a substantial market capitalization of approximately $9.04 billion and a circulating supply of nearly 416 million SOL coins.

 

In terms of its key price levels, the pivot point for Solana stands at $20.19. While the immediate resistance is positioned at $22.99, further resistance levels can be spotted at $24.64 and $27.44. On the downside, Solana has immediate support at $18.55, followed by stronger support levels at $15.75 and $14.1.

 

From a technical indicators standpoint, the Relative Strength Index (RSI) for Solana is at 34, indicating neither an overbought nor an oversold state but leaning towards the bearish sentiment. The Moving Average Convergence Divergence (MACD) value stands at -0.09, with a signal value of 0.61, suggesting potential downward momentum for the coin. Additionally, Solana’s price is slightly above the 50-Day Exponential Moving Average (50 EMA), which is set at $21.23, hinting at a short-term bullish trend.

 

When considering chart patterns, SOL seems to be facing resistance at the 38.2% Fibonacci level, set at $22.45. This level poses a significant challenge for SOL’s upward movement, with a potential target further ahead at the 61.8% Fibonacci level.

Conclusively, Solana currently exhibits a bearish trend when trading below the $22.54 level. If this trend persists, it may further solidify its position near the $21 mark. As always, investors should keep a close eye on market dynamics and potential triggers that could alter Solana’s trajectory in the days to come.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
Other categories