Solana (SOL/USD) Price Remains Caged in Range-Bound Spots
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Solana Price Prediction – August 12
The SOL/USD market trading outlook yet depicts the crypto economy remains caged in range-bound spots. Price worth, as of the time of writing, trades around $43 at a percentage rate of 1.07 positive.
SOL/USD Market
Key Levels:
Resistance levels: $50, $60, $70
Support levels: $25, $20, $15
SOL/USD – Daily Chart
The SOL/USD daily chart reveals the crypto market remains caged in range-bound spots of $25 and $50. The usual range value lines have been over several trading sessions. The upper horizontal range line drew at $50, and its lower part is at $25, embodying the smaller SMA trend line. The 50-day SMA indicator is precisely at $49.43 above the $40.63 value point of the 14-day SMA indicator. The Stochastic Oscillators have positioned northbound from the range at 20 to the 80 range, feebly pointing to the upside to denote that a little buying moment is still somewhat on.
Will the SOL/USD market keep moving in ranges until subsequent sessions?
It’s most likely that the SOL/USD market to keep to its current style of moving until the coming several sessions as the crypto price remains caged in range-bound spots. Currently, the crypto economy is heading to the verge of completing an upward force around the $50 upper range trading zone in the near time. That is a warning signal against the possibility of observing sustainable upward motions over that point.
On the downside of the technical analysis, the time for price reversal-moving pattern seems to be slow in approach below the markup point around the resistance of the $50 range line. Nevertheless, it will potentially come to the past when least expected. Therefore, short-position players may have to use either a 1-hour chart or a 4-hour chart to observe an ideal moment to go for re-launching of selling order afterward.
SOL/BTC Price Analysis
Solana is pushing sideways against the trending ability of Bitcoin at relatively higher-resistance trading spots, bordering around the trend lines of the SMAs. The cryptocurrency pair price remains caged in range-bound zones. The 14-day SMA indicator is closely underneath the 50-day SMA indicator. The Stochastic Oscillators have struggled to swerve northbound from the 20 range toward the 80 range. The base crypto may run a false move against its counter crypto while the price tends to touch the upper range line.
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