Solana (SOL/USD) Market Is Correcting Toward $20
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Solana Price Prediction – February 25
It is currently on the SOL/USD trade operation experiences that the crypto-economic market is correcting toward $20. The price percentage rate is 0.35 percent as of compiling this psychological write-up. Despite the forces to the south side, the situation doesn’t provide a decent shorting entry. Based on that, traders may need to hold back from placing positions for a while.
SOL/USD Market
Key Levels:
Resistance levels: $25, $27.50, $30
Support levels: $17.50, $15, $12.50
SOL/USD – Daily Chart
The SOL/USD daily chart showcases the crypto-economic market is correcting toward $20. The upper range line remains drawn at the point in question to denote the pivotal spot price that needs to breach into its previous range-bound zones. The 14-day SMA indicator is at a $23.03 value line above the 50-day SMA indicator, which is at 21.58. The Stochastic Oscillators are in southbound-crossing mode at 48.67 and 36.37 levels.
Will the SOL/USD trade operations continue to shift lower through the SMA values?
A line of trading respites may play out around the trend lines of the SMAs toward the $20 line, representing the upper range zone of the former range-bound trading axes as the SOL/USD market is correcting in the direction of the $20 level. Buyers should wait for a bullish trading candlestick position to re-take a stance against the penultimates before launching a longing order. And that has to be on the reading of the Oscillators changing the direction to the upside afterward.
On the downside of the technical analysis, the execution of a shorting order around the 14-day SMA indicator may not be too ethically inclined as it has appeared untimely to do so on the spot. It would be okay for bears to put off the market to avoid an unprecedented rebound that can surface from around the $20 critical line in the subsequent trading cycle.
SOL/BTC Price Analysis
In comparison, Solana’s trending force against Bitcoin remains relatively lowering as the price is correcting over the upper range line. The 14-day SMA trend line and the 50-day SMA trend line have been moving alongside toward the east direction closely over the upper range line drawn. The Stochastic Oscillators have crossed southbound from around 80 to 52.08 and 46.45. The base cryptocurrency appears to be regaining its baseline soon, paired with its counter-trading cryptocurrency. As a result, sellers should be cautious about pushing the position any further.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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