Solana Price Analysis – October 18
Solana (SOL) is recording a downtrend of 2.15% as the coin declines from $163 to touch the low of $149.
Resistance levels: $200, $220, $240
Support levels: $120, $100, $80
After touching the daily high of $163.91 today, SOL/USD is seen crossing below the 9-day and 21-day moving averages and towards $150 support. The Solana price is likely to face the lower boundary of the channel while the technical indicator Relative Strength Index (14) indicates increase in bearish momentum as the signal line could move to cross below 50-level, which could indicate that the market sentiment is presently bearish.
Solana Price Analysis: SOL Price May Slump
At the time of writing, the Solana price is changing hands at $156.64 where it faces the south. However, if SOL/USD rises again and trades above the 9-day and 21-day moving averages, the coin may continue its upward movement which could retest the previous high. Moreover, the nearest resistance levels may be found at $200, $220, and $240 while the support levels are located at $120, $100, and $80 respectively giving a low trading volume.
SOL/BTC Market: Solana Price May Move Sideways
When compares with Bitcoin, the Solana price is currently dropping and trading below the 9-day and 21-day moving averages as the coin continues the bearish run. However, if the sell-off later becomes huge, the next level of support may surface below the lower boundary of the channel to locate the key support level at 1650 SAT and below.
On the upside, if the bulls gather enough momentum to push the price above the 9-day and 21-day moving averages; Solana could face the resistance level of 3300 SAT. Any further bullish movement above this level could hit the potential resistance at 3500 SAT and above while the signal line of the technical indicator Relative Strength Index (14) moves in the same direction around 40-level and if it crosses to the downside, SOL/BTC may bring more bearish pressure into the market.