CRYPTO NEWS

Solana Price Prediction: SOL/USD Falls Below $50 As Bears Show Up

The daily chart reveals that the Solana price prediction is ready for a long-entry level near the support level of $40 level.

SOL/USD Market

Key Levels:

Resistance levels: $100, $110, $120

Support levels: $20, $10, $5

Solana Price Prediction
SOLUSD – Daily Chart

At the time of writing, SOL/USD is moving towards the lower boundary of the channel as the coin dives below the 9-day and 21-day moving averages. However, the technical indicator Relative Strength Index (14) also slides into the oversold region. Meanwhile, a decreasing volume index also suggests a breakdown, but a death cross is likely to come into the picture if the coin crosses below the channel.

Solana Price Prediction: Solana (SOL) May Stay at the Downside

The Solana price is moving below the 9-day and 21-day moving averages as supports are expected at $40 and $30 respectively. The Relative Strength Index (14) continues to flash a sell signal which may be adding weight to the bearish outlook. However, if the 21-day moving average applied to this chart, turned into the support area for this coin, then, the declines are unlikely to extend below $45.

Moreover, should in case the daily bearish candle closes below $50, there is a high probability that the price may reach the support levels of $20, $10, and $5. Meanwhile, if the Solana bulls push the price to cross the moving averages, an increase in buy orders might create enough volume to support gains beyond $80. Any further bullish movement may reach the resistance levels of $100, $110, and $120 respectively.

When compared with Bitcoin, traders can see that Solana’s performance has been bearish. At the time of writing, the coin is staying under the 9-day and 21-day moving averages. Breaking below the lower boundary of the channel could further drag the market to the nearest support level at 1300 SAT and below as the Relative Strength Index (14) moves to cross below the 30-level; possible selling pressure is likely if it continues to drop.

SOLBTC – Daily Chart

However, SOL/BTC is currently changing hands at 1725 SAT but if the bulls can hold the price tight and push it above the 9-day and 21-day moving averages, the next key resistance could be at 2200 SAT and 2400 SAT respectively. Reaching these levels might move it to the potential resistance at 2500 SAT and above.

Read more:

Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive

Ethereum (ETH) has been recovering over the last few days after tanking to its lowest level in months. The coin is however poised for a bigger bounce based on momentum indicators. But it still faces major upward resistance and downside risk. Here are some important facts: ETH reclaimed $2000 after facing a major sell-off this::Listen

Ethereum (ETH) has been recovering over the last few days after tanking to its lowest level in months. The coin is however poised for a bigger bounce based on momentum indicators. But it still faces major upward resistance and downside risk. Here are some important facts:

  • ETH reclaimed $2000 after facing a major sell-off this week

  • RSI divergence and the moving average convergence divergence show signs of bullish momentum

  • But ETH still remains pressured below crucial resistance zones

Data Source: Tradingview 

Ethereum (ETH) – How it will hit $2500

At the moment, it doesn’t seem like investors are willing to buy any coins. This is a seller’s market, and there are fears that the crash we saw this week is only the beginning. Despite this, we still think that many coins will bounce back in the short term, and ETH is one of them. 

Momentum indicators in particular appear to suggest that Ethereum is going to rise. The RSI divergence and the moving average convergence divergence show positive bullish signs. If indeed ETH is able to keep the price above $2000, then a surge towards $2500 will be possible. However, it won’t be that easy. 

For starters, ETH still has to overcome several crucial resistance zones, including its 50-day EMA of around $2,349. Also, the rally we saw in the broader market yesterday could be short-lived. These risks could make it harder to ETH bulls to take over in the short term.

Will Ethereum return to $5,000 this year?

Ethereum was predicted to do pretty well in 2022. Some analysts were even targeting $10,000 before the year is out. 

But based on what has happened in the market over the last few months, it now seems unlikely the coin will achieve such heights. However, a return of $5000 is very possible. But ETH will suffer from very high volatility before it gets there.

The post Ethereum (ETH) could reclaim $2500 as momentum indicators remain positive appeared first on Coin Journal.

Solana Price Prediction: SOL/USD Falls Below $50 As Bears Show Up

Shopping cart
There are no products in the cart!
Continue shopping
0