Solana (SOL/USD) Price Embarks on a Correction, Tending a Base
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Solana Price Prediction – August 4
More price responsiveness has shifted to enforce pressures on Solana by the purchasing weight of the US dollar as the crypto’s price embarks on a correction, tending to base toward the support line of $20.
At the time of this technical analysis, a systematically selling motion is on track with reduced speed, which could give way to an easy rebounding or rising mode to return the moves to their recent legitimate bullish channels. Currently, it appears that some uniformity will apply to a consolidation trend for a time around the strategically anticipated fundamental support of roughly $20.
SOL/USD Market
Key Levels:.
Resistance levels:$26, $28, $30
Support levels: $20m $18, $16
SOL/USD – Daily Chart
The SOL/USD daily chart showcases that the crypto-economic price embarks on a correction, tending to a base that may establish around the trend line of the larger Moving Average’s point.
The 14-day SMA indicator is at $23.47, above the $21.55 value of the 50-day SMA indicator. The Stochastic Oscillators have penetrated into the oversold region, keeping a consolidation moving style between 2.11 and 0.57 points.
What would happen to the trend if the SMA indicators in the SOL/USD market crossed to the downside?
If eventually an interception occurs between the SMAs on the south side, rebounding of price action will be held relatively in a delayed manner below the indicators as we are having it that the SOL/USD price embarks on a correction, tending to a base.
The depression in the price level seems to extend to find support around the trend line of the 50-day SMA. And buyers will have to push back from that zone, keeping a precautionary trade myth of not letting a fearful move break lower beyond the critical line drawn around the upper horizontal line drawn.
The bears would need to maintain their position against the $26 resistance line in light of the presence of more lows and the current rate of retracement. No real position of entry for shorting exists as things are right now. Therefore, moving forward must be done with caution.
SOL/BTC Price Analysis
In contrast, Solana trade embarks on a correction to succumb to the stances of Bitcoin, tending to base around the 50-day Moving Average.
Under the 50-day SMA indicator is the 14-day SMA indicator. The stochastic oscillators are swinging in a consolidation pattern between 0.35 and 1.04, having entered oversold territory. A change in trend may occur after a bullish trading candlestick. It’s likely that a sideways line will go in the direction of the lower range line.
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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