Solana is consolidating following a bounce from a lower support level, having cooled off slightly after an upward rally. The overall market outlook is still bullish if these levels hold, despite some weakening in momentum in the short run. Indicators are showing a potential rebound, but there needs to be more buying pressure for confirmation.
At the time of writing, Solana is trading at $84.85, recording a 24-hour trading volume of about $5.56 billion and a total market value of $48.69 billion. Over the last 24 hours, the price has slipped slightly by 0.04%, showing a mild pause after recent movement.
Source: CoinMarketCap
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Analyst BitGuru reported that the SOL coin had reversed sharply away from its $78-$80 range to reach $87. That indicated an emergence of buying support at a lower price level.
Source: BitGuru’s X Post
Following this move, the asset’s price has now fallen back to reach the $83-$84 range, which is considered a healthy correction after a strong rally. Provided that SOL holds above the recent reverse area, the outlook would remain bullish.
In terms of the technical analysis, Solana is trading at around $84.58. RSI currently stands at 50.23, and it is very close to the average reading of 46.16. It means that currently, the market condition does not show a significant direction towards either side.
Price is limited within a specific level of important moving averages. The 20-day MA at $82.64 acts as a floor for price, while the 50-day MA at $85.72 works as a ceiling. Price is well below both 100-day and 200-day MAs, suggesting that the overall trend still lacks strength.
Source: TradingView
The MACD indicator is beginning to show signs of recovery since the MACD line is above the signal line. Nevertheless, the histogram remains negative, indicating that there is no confirmation of buying power. This indicates that there are attempts to change the price movement direction upwards, but more demand is required.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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