The post SOL Price Analysis: With A Pullback To $22, What’s Next for SOL? appeared first on Coinpedia Fintech News
Stabilizing after an intense bearish hit in the Uptober season, the Solana (SOL) price treads carefully over crucial support zones. With the intent to find a reversal spot, the buyers are preparing a solid footing to revive the upside momentum.
With such moves, the Solana price prediction anticipates a bullish journey for SOL price in the upcoming altseason.
Maintaining a declining trend following the blunt rise in early 2023, the correction phase in the SOL coin price took the shape of a falling channel. The bearish channel started from the overhead rejection at $30, ushering to a quick correction of 35% to the $17.75 mark.
However, the 10% jump in Solana within the falling channel led to a 35% increment till 1st October. Furthermore, the uptrend breached the $20 mark, which proved to be a crucial resistance zone.
The SOL price action displays a pullback phase due to the high price rejection observed at the $25 mark. This directs to a sideways trend between the $22 support zone and the overhead resistance of $25.
Currently, the pullback phase comes as a retest of the upside breakout and hints at the opportunity of a positive turnaround. To support this thesis, the Solana trend movement displays the potential of a morning star forming with the support of a 200-day EMA.
The SOL price is currently trading at $22.15 with a 0.14% intraday growth with the two doji candles. Followed by the sharp correction the day before yesterday, this hints at the possibility of a morning stop pattern.
Technical Indicators:
Exponential Moving Averages: The breakout rally breached the 50 and 200-day EMA, leading to increased proximity. This signals a greater possibility of a golden crossover.
RSI indicator: The RSI indicator takes a sharp reversal from the overbought zone to crash under the 14-day SMA. However, the RSI line sustains above the halfway line, presenting a bullish fuel left in the uptrend journey.
Will the SOL Price Reach $30?
If the SOL coin price sustains above the 200-day EMA, the possibility of an uptrend continuation to the $28 mark is significantly higher. Moreover, the uptrend may show a golden crossover and start a bullish chain reaction to reclaim further resistance levels.
However, a downtrend continuation below the crucial EMAs will endanger the bullish dominance at the psychological level of $20. In such a case, the Solana trend might retest at $19.45.
