SOL Relief Rally In Progress: How High Can it Get Before Bears Return? (Solana Price Analysis)

CryptoPotato

2023-09-14 12:33:56

Solana’s price reversed after finding support. Will it last?

Key Support levels: $17

Key Resistance levels: $20

1. Support Found

The price managed to hold above the $17 support and buyers started to show interest again. This led the price into a relief rally in the past few days. However, the resistance at $20 may stop any bullish momentum since sellers could return there.

Chart by TradingView.## 2. Downtrend Still Intact

Despite this bounce, the price is still found in a major downtrend. Unless Solana breaks above $20 and turns that level into support, the bias remains bearish. Watch closely the level at $20 as it will be decisive.

Chart by TradingView.## 3. Reversal Soon?

The histogram on the daily MACD has been making higher lows which opens up the possibility of a sustained reversal later on. The moving averages also appear keen to do a bullish cross a second time this month. It is too early to turn bullish, but these are promising signs.

Chart by TradingView.## Bias

The bias for SOL is bearish so long the resistance holds.

Short-Term Prediction for SOL Price

Expect a test of the resistance at $20. Any failure there and Solana will likely continue its downtrend. If so, watch the support levels at $17 and $15.

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