SOLANA Price Prediction, Bears prevail; Chance of recovery

September CPI and FOMC Minutes impact SOLANA prices too.

 SOL/USD pair has risen by 28% from its September lows but faces recent bearish pressure. It was rejected from the long-term range's middle earlier this week. The next key level to monitor is the 200 MA at $21.06. Notably, SOL's daily chart shows a higher high, possibly leading to a retest of the range highs at $27. The release of September CPI data as well as FOMC Minutes also impact on SOL prices.

Will SOL continue to hold onto its gains above the 20-50-100-200 MA?

After a significant bearish setback in October, SOL is now cautiously navigating key support levels. Buyers are aiming for a reversal, setting the stage for an upward shift. The current pullback represents a retest of the recent breakout, hinting at a potential positive turnaround. Adding to this, the Solana trend shows signs of a morning star formation, supported by the 200-day EMA. SOL is currently trading at $22.20, up 0.20% for the day, featuring two doji candles. This, following a recent sharp correction, suggests the possibility of a morning star pattern.

Technical View:

According to Coingabbar Price Analysis, Solana's 4-hour chart displays a bearish structure, while the 1-day chart is strongly bullish. Breaking above $20.6 marked a significant move, with prices quickly surging to $25 a week ago, a clear sign of bullish momentum. As of now, SOL is trading at $22.20, a 0.20% increase in the last 24 hours. If bulls can breach the $23.9 resistance, a fresh rally towards the $27.00 level seems likely. Conversely, dropping below $21.6 could lead to a test of the $20.00 support, potentially sliding further to the $18.50 support area.

KEY LEVELS :

RESISTANCE LEVEL : $23.00-$24.80

SUPPORT LEVEL : $21.60-$20.50

Is Solana's price vulnerable to bearish pressure, and can it stage a recovery? What lies ahead for SOL after a pullback to $22? Is there potential for SOL to reach $30 in October? Should you consider selling your Solana holdings at this point? Please share your opinions in the comment section below.

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