Solana Experiences More Selling Pressure, Tamadoge Heads to the North
Trading ctivities in the Solana market have been mostly selling with little buying. Consequently, this has caused a significant downside pull on the crypto’s price. Also, it appears as if trading indicators are still foretelling that lower support may be reached.
SOL’s Forecast Statistics Data:
SOL’s current price: is $31.89
SOl’s market capitalization: $11.13 billion
SOL’s Circulating supply: 349.5 billion
SOL’s Total supply: 511.62 million
SOL’s Coinmarketcap ranking: #9
In this Analysis, we will examine signs given by applied trading indicators in this market. And, we’ll strive to interpret and utilize them in making trading decisions. We’ll also look at the SOL/BTC market, doing the same as we’ll do for the SOL/USD market.
Key Price Levels:
Resistance levels: $31.89, $35.00, $42.30
Support levels: $29.00, $25.11, $20.25
Solana’s Downtrends Continues, Buy Tamadoge Today
Looking at the SOL/USD chart a tiny green candle took a deflection off the floor of the Bollinger. Furthermore, the BB indicator itself expands to show active the market is currently. The appearance of a green candle on this chart may indicate the beginning of a price uptrend. Additionally, with the activity in this market, the Solana’s price may rise quickly, should buyers buy with the same intensity as they’ve sold. Consequently, price may get to $42.00. Traders looking to enter this market can place a buy order at a price level of $33.50. If an uptrend begins from here they’ll catch it early enough.
However, on the contrary, the MACD indicator, still portrays that the downtrend is still on. This can be seen as the curves of this Indicator have crossed to the negative side. Also, the curves are widely separated, to indicate that buying pressure is low, and the downtrend may continue. Therefore, unless significant buying pressure resumes, Solana will continue its downward trend.
Solana Price Analysis: SOL/BTC Looks Bullish but on a Smaller Scale
Moving to the SOL/BTC market, we can see that the downside move stays consistent. However, the latest two candles here formed in the favor of buyers. Can this be the start of a significant bounce off the lower band of the BB indicator? Although this current correction has advanced value to 0.0015942, it is still very early to tell if the upward correction will be significant.
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Nevertheless, Traders can set a pending buy order near 0.001600. This will ensure catching on to the developing uptrend almost immediately. If the price candle should keep showing up the MACD will correct to confirm a gradual build-up of an upward momentum.
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