• Solana price volume continues to decrease as buyers and sellers wait for a clear direction.
  • Solana is trading between two strong resistance and support levels.
  • Until price action displays something different than the status quo, the short-term direction remains down.

Solana price – like many cryptocurrencies today – sits at a make-or-break level. Above the current candlestick, the black horizontal line is the Point-Of-Control for the last high volume node between $139 and $75. Solana must remain above that level, or it risks returning to sub-$100 levels.

Solana price requires buyer conviction; else, short sellers will continue towards $90

Solana price continues to trade in a constricted but overall bearish condition. Bulls face consistent rejection against the Tenkan-Sen, a level that has acted as resistance now for over two weeks. Many attempts to trade above the Tenkan-Sen have been successful, but any convincing close above eludes buyers.

Near term-support for Solana is significant. Value areas between $115 and $125 are the weekly Tenkan-Sen, weekly Kijun-Sen, 38.2 Fibonacci retracement, and 61.8% Fibonacci extension levels. So it is no wonder why bears are having a difficult time pushing Solana price lower. However, risk-off sentiment remains a growing concern and will outweigh any structural, technical price support.

SOL/USDT Daily ichimoku Chart

While Solona price sets up for a strong sell-off, bears should be aware of the conditions that could quickly invalidate any downside movement. First, buyers will need to push Solana to a close above the daily Kijun-Sen at $168, but that still puts the Chikou Span in a touchy spot. October 9th is when the Chikou Span could close at $168 and be above the candlesticks to confirm a new bullish expansion phase.


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bank of America bullish comments on metaverse push Axie Infinity and Sandbox closer to breakout

Bank of America's strategist made bullish remarks about the metaverse, triggering a spike in interest in Axie Infinity and Sandbox tokens. The rices of the two metaverse tokens continue climbing with increased interest from investors. 

More Axie Infinity News

Polkadot price ready to breakout after DOT forms double bottom

Polkadot price began turning around and moving higher on November 28. It is currently resting on support after a brief pull-back, with the potential for using this floor as a launchpad higher. A resumption of the bullish impulse will provide fresh confirmation for the new uptrend.

More Polkadot News

Bitcoin Weekly Forecast: The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

More Bitcoin News

Berkshire Hathaway’s Charlie Munger wants US to ban cryptos like China

Charlie Munger considers cryptocurrencies bad for people and backs China on its cryptocurrency ban.In his previous interviews, Munger has shed light on the concept of “speculative excess” and “asymmetry of wealth.” 

More Cryptocurrencies News

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

BTC

ETH

XRP