- SOL price is struggling as the $30 support failed and many buyers were sweating on their open SOL position.
- SOL price breaks below 50-day and 200-day exponential moving average; the price continues its range around the $30 level.
- The price of SOL could drop back to $24-$16 if the price maintains a bearish structure.
Solana (SOL) price has struggled to regain its bullish strength against Tether (USDT) recently, but was unable to as the price hit new fresh rock. The crypto market faced a new downside as the price of Bitcoin (BTC) fell from a region of $19,000 to $18,100 as the Consumer Price Index (CPI) indicated a rise in inflation, which negatively impacted the price of BTC, Solana (SOL) was not left out of the equation as the price lost key support. (Binance data)
state of the market
After relief jumps and crypto market cap appearing poised to rally to a high with hopes of altcoins joining, this was aborted as many altcoins saw price pullbacks, with many losing key support and even more gaining Bitcoin Dominance (BTC.D) price continues to rise.
Solana (SOL) price analysis on the weekly chart.
During the first week of October, many altcoins showed significant strength during the rally, while others posted double-digit gains, combined with the fact that BTC.D was bearish at the time. As a result, there was little bitcoin effect during the price retracement.
SOL price has been protecting the $30 region for the past few weeks as the price rallied away from this region to avoid breaking through this zone. SOL price held this support zone to avert the possibility of turning this strong support into resistance. After BTC price rejected to a low of $18,200, SOL price lost this support but quickly rebounded from this region to regain its support at $30.
Weekly resistance for the price of SOL – $34.
Weekly support at the price of SOL – $30.
Price analysis of SOL on the daily chart (1D).
Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com
The daily timeframe for SOL price was rejected at $34 as the price failed to break to the upside and struggled to reverse this region into support. The price continued to move below $34 before the price faced a rejection into a region of $28 when the price bounced off that region and reclaimed $30. If the price of SOL breaks this support region, we would most likely see the price drop to a low of $24-$20
SOL price is trading at $30 as the price rebounded to $28 after falling. SOL’s price is trading below the 50 and 200 Exponential Moving Averages (EMA) as the price needs to flip 50 EMA to continue a short-term uptrend.
Daily resistance for the price of SOL – $34.
Daily support priced at SOL – $30-$28.
Featured image from Pymnts, charts from Tradingview
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