Solana (SOL) Price Prediction: SOL/USDT Bears Seem Trapped Between the 20- and 50-Day EMA
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Solana (SOL) Price Prediction: June 28
Price movement in the Solana daily market recently rebounded off the support at the $123.21 price level. The market proceeded upwards, even when BTC remained trapped below the $62,000 mark. As a result, this token was able to recover, trading above the $140 mark, but faced a moderate rejection afterward..
SOL/USDT Long-term Trend: Bullish (Daily Chart)
Key Price Levels:
Resistance Levels: $150, $160, and $170
Support Levels: $140, $130, and $120
Following the mentioned downward rejection in the Solana daily market, we can see that price action is staying just above the 20-day Exponential Moving Average (EMA) line. Meanwhile, the 50-day EMA line acts as the ceiling for the current session (the last price candle on the chart). The Moving Average Convergence Divergence (MACD) lines can be seen keeping their upward trajectory following a recent upside crossover below the equilibrium level. Likewise, the bars of the indicator retain their solid green appearance above the equilibrium level.
Solana Price Prediction: SOL/USDT Price Action May Continue Towards the $150 Threshold
The Solana market has moved considerably upward after hitting support at $123.21. The movement was much stronger in the previous session, which seems to have drawn the attention of downward forces. The current session brought the market downward, and the coin now trades just above the EMA lines.
Consequently, this has put traders in a dicey situation as trading activity seems entangled between the EMA lines. Nevertheless, the MACD indicator seems to be hinting that bullish momentum may still be on. This can be seen through the direction of its lines and the appearance of its bars. The bars of this indicator point out that bulls may not be out yet and will likely continue thrusting the market higher.
SOL/USDT Medium-term Trend: Solana Buyers Are Trying to Defend the $145 Price Level (4H Chart)
Price action in the SOL/USDT 4-hour market reveals that market forces are pulling it tight. Price action in the market can be seen still rising upwards in tiny steps from the previous session until now. This keeps price action above the 20, 50, and 100-day EMA lines. Nevertheless, the last price candle here continues to appear to be strained by market forces. The MACD lines are above the equilibrium level at this point, but their bars are pale green.
According to technical indicators, we can see that price action stands a chance of progressing upward. However, it can be seen that downward forces are putting a strain on the market, making upside forces labor for their wins. Nevertheless, should bulls break through the resistance formed by the 200-day EMA line, the market may be cleared for a retracement to the $160 mark.
