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SOLANA PRICE ANALYSIS CMP-$14: Is this the best time to buy on The Rebound?

At time of writing, Solana is consolidating for the third time in the past two weeks at $14.00.


24 Nov 2022 By : COIN GABBAR
SOLANA PRICE ANALYSI

The bulls have regained control of the Solana market, which will alter the market's path for the better, and SOL now anticipates the beginning of the bullish phase.

On November 5, the coin started to drop from a resistance level of $38.78. On November 9, a support level of $13 was hit. It retreated and began a gradual bearish movement towards the previous low. The bulls appear to be gathering momentum to seize control of the market.

The Solana price started a fall from the $38.00 barrier level against the US Dollar. SOL price made many tries to break through the $38.00 resistance zone. However, the price made a high of $38.78, but Bulls are unable to hold the price and bears are heavy and break through the $38 barrier and begin a fresh fall from $38.78.

The price began a significant fall from far above the $30 level. Solana has fallen below $20 and $15 against the US dollar. The price of SOL is already recovering, although further gains may be limited at $15 and $17. This month, the price of solana fell significantly below $30. The price fell sharply below the $25 and $20 support levels.

The Sol price has even dropped below $15. It eventually found support at $11, trading as low as $10.95. There was a minor upwards correction recently, similar to bitcoin and ethereum. The price was able to break through the $11.50 and $12.00 resistance levels.

Furthermore, the SOL/USD pair broke above a strong bearish trend line with resistance above $12.45 on the hourly chart. However, the pair is still trading over $13 and above the 200 hourly MA

An immediate resistance is near $15.10. A clear break over the $15.10 resistance level may signal the start of a continuous rise. The next significant barrier is located at the $16.00 level. Any more rises might push the price of SOL towards the $17.50 barrier zone. It is close to the 23.6% Fib retracement level of the main drop from the $38.78 swing high to $10.95 low. Any more gains might open the door for a move towards the $19.00 level.

If Solana fails to break the resistance of $15.10 then, On the downside, an initial support level is at $13.50. A breach below the $12.70 support level might trigger a significant collapse. In the given scenario, the price might fall as low as $11.50. If SOL fails to hold $11.50 and breach with heavy volume then a new low can be seen in coming weeks near $10.00.

According to Price Analysis, The market capitalization of this SOL is estimated to be $5,096,605,291. The 24-hour trading volume for the coin is around $832,552,469. SOL market capitalization has risen by 5.65%. However, trade volume increased by 15.4% during intraday trading.

KEY LEVELS :

RESISTANCE LEVEL : $15.20-$16.80

SUPPORT LEVEL : $13.00-$12.00

SOLANA price increased 18% yesterday after forming a Bullish hammer pattern on the daily chart. Will SOLANA break through the $15 barrier in the coming days? Please share your thoughts.

WHAT'S YOUR OPINION?