Solana Price Analysis – February 19
For Solana’s downward trend, the dip is likely to worsen if the coin breaks and faces the lower boundary of the channel.
Resistance levels: $115, $125, $135
Support levels: $70, $60, $50
SOL/USD is trading on the negative side as the current pullback has been across the board; the Solana is taking a strong hit as well. The coin is currently trading at $90.37; dropping from under $90 could lower the coin towards the lower boundary of the channel in the next negative movement.
Solana Price Analysis: What could be the Next Direction for Solana Price?
The Solana price is currently at the downside, a further bearish movement towards the lower boundary of the channel may increase the short-term selling pressure while the next supports may come around $70, $60, and $50. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may reach the next resistance at $115, $125, and $135 levels.
On the positive side, the technical indicator could start a new bullish session. It is, however, not clear how long the session will last because both bullish and bearish sessions have been frequent. Therefore, it is important to watch the resistance and support levels coupled with the movement of other indicators within the daily chart.
SOL/BTC Market: Price Keeps Following the Bearish Movement
Compared with Bitcoin, the market price is moving bearishly as the coin is currently trading at 2252 SAT below the 9-day and 21-day moving averages. Looking at the daily chart, if the coin can make a cross above this barrier, the bulls may push the price towards the upper boundary of the channel.
However, if the market drops below the lower boundary of the channel, the next key support may come at 1850 SAT and below. On the bullish side, a possible rise could push the market towards the upper boundary of the channel to hit the resistance level of 2700 SAT and above. As revealed by the technical indicator which is the Relative Strength Index (14), the market may continue the downward movement as the signal line remains below 40-level.