The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/sol-price-analysis-under-deep-retracement-will-solana-prices-resurge-above-25/">SOL Price Analysis: Under Deep Retracement, Will Solana Prices Resurge Above $25?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Failing to sustain a consolidation range, the SOL price reverses within the falling channel leading to a bearish range breakout. The breakdown rally retests and continues to crash below $25, increasing the retracement to 18% within the falling channel.&nbsp; 
Currently, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">SOL price action</a> shows lower price rejection from the midline to rechallenge the overhead resistance trendline. Additionally, the reversal finds footing at the $23 support, presenting a double-bottom reversal.&nbsp; 
<figure class="wp-block-image"> 
 <img decoding="async" src="https://lh6.googleusercontent.com/GO8TihIa2flMnrKHb-TXoqflVWkm1TiJnQHG5dfrZe2EozvjPPul5hy6A49UJdcVkzI_vurrNplZNkKdTW1X5f7r50Cm0eCcrXjBQzhyDnC1mPGJdEWQxS8cmxHepiAgrPnahztQyHrfCih_U7DzY6U" alt=""> 
</figure> 
With multiple long-tail candles, SOL price action highlights buyers struggling to absorb the supply pressure. Moreover, the Solana coin price is down by 1.83% in the last 24 hours, representing a stronger bearish side. 
The double bottom forming at the $23 support level finds no RSI bullish divergence. The RSI line reverses from the halfway line after the sudden spike, maintaining an overall downtrend. However, the MACD indicator shows a bullish crossover in action, supporting the resistance breakout theory.&nbsp; 
Considering the downtrend continues, a breakdown below $23 will signal a selling opportunity for Solana traders. The breakdown rally can challenge the bullish dominance at $20, accounting for a 12% drop.&nbsp; 
On the flip side, an upside breakout of the falling channel will unleash the trapped bullish momentum and challenge the supply pressure at $30. However, the rally might face some opposition at the $25 mark.

SOL Price Analysis: Under Deep Retracement, Will Solana Prices Resurge Above $25?

CoinPedia News

Otros artículos publicados el 2 ago 2023

Saylor’s MicroStrategy plans $750M stock sale, possibly buying more Bitcoin

Web3 startups queue up: Consensys Startup Program partners with Cointelegraph Accelerator

Voyager Suffers Potential Data Breach While In Recovery Process

Protocol to identify ‘systemically important’ blockchain banks could help prevent a market crash:...

BALD Meme Coin Loses 96% of Volume, Price Down Horribly

Adobe Stock Price Rising Upwards: Will ADBE Continue the Streak?

¡Únete a nuestro boletín gratuito para recibir actualizaciones diarias de criptografía!