SOL Price Analysis – September 20
Solana (SOL) has recorded a downtrend of 9.77%, in the last 24 hours; the coin has declined from $157 to $130.
Resistance levels: $185, $205, $225
Support levels: $100, $80, $60
In the early hours of today, SOL bulls were rejected around the $157 level while the coin is seen dropping towards $130 support. The price is sliding below the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14) indicates increasing bearish momentum as the signal line moves to cross below 50-level, suggesting that the market sentiment is presently bearish.
SOL Price Analysis: SOL Price May Drop More
Currently, the Solana price is changing hands at $137.91 where it faces down. More so, if the price of SOL rises again and trades above the 9-day and 21-day moving averages, the coin may begin its upward movement to retest the previous high. Moreover, the nearest resistance levels could be found at $185, $205, and $225 while the support levels are located at $100, $80, and $60 respectively giving a low trading volume.
SOL/BTC Market: Consolidating to the Downside
When compares with Bitcoin, the Solana price is currently dropping and trading below the 9-day and 21-day moving averages as the coin continued the bearish run. However, the next level of support may surface at 2500 SAT and then locate further key support at 2400 SAT and below if the sell-off later becomes huge.
On the upside, if the bulls can gather enough momentum to push the price above the 9-day and 21-day moving averages; Solana could face the resistance level of 3800 SAT. Any further bullish movement above this level could hit the potential resistance at 4000 SAT and above while the signal line of the technical indicator Relative Strength Index (14) nosedives below 55-level and if it continues to face the downtrend, it may bring more bearish pressure into the market.