Solana (SOL/USD) Price Remains Under a Correction Outlook
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Solana Price Prediction – September 2
Some leftovers of the downward force that emanated in the SOL/USD market recently have made the crypto-economic price remains under a correction outlook. Price has continually featured around $31.43 at a minute negative percentage rate of 0.54.
SOL/USD Market
Key Levels:
Resistance levels: $40, $50, $60
Support levels: $25, $20, $15
SOL/USD – Daily Chart
The daily chart reveals Solana trading activity remains under a correction outlook with the valuation of the US Dollar. The 14-day SMA indicator is at $35.69 beneath the 50-day SMA indicator, which is at the $44.68 value line. It appears the market trending status maintains range-bound spots between $50 and $25 levels over a couple of sessions. The Stochastic Oscillators have crossed northbound to 40.67 and 48.46 range values.
Should traders hold on for a while before executing an order in the SOL/USD market at this point?
The trading situation in the SOL/USD market appears, running in a recession as the crypto remains under a correction outlook. A lighter bearish candlestick is intensifying to suggest that a downward-trending motion is possible toward the lower range value line at $25. However, that scenario may not achieve in the near time. But, long-position takers need to look out for a pull-down, tempting to regain a bounce-off motion before launching a buy order.
On the downside of the technical analysis, there have been fewer selling pressures underneath the 14-day SMA indicator. Therefore, short-position placers needed to be cautious of any possible rebounding move between the $35.69 and the lower range point at $25 while exerting a selling order. Shorting new positions may have to suspend for a while at the current trading capacity.
SOL/BTC Price Analysis
Solana seems on the verge of losing momentum to Bitcoin as the counter-trading instrument has pushed and still held firmer close above the range line drawn. The cryptocurrency pair price remains under a correction outlook. The 14-day SMA indicator has slightly crossed southward in the range-bound spots underneath the 50-day SMA indicator, which is also within. The Stochastic Oscillators are closely below the 40 range. And they are at 31.95 and 34.52, closing their lines. That signifies that the base crypto may still go down, pairing with the trending catalyst of its counter-trading crypto for a while.
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