- SOLANA finds resistance at $81
- Bears interrupts Bulls at $81 level
- Sellers may dominate SOLANA market
Bearish movement may continue as long as the bears maintain their pressure, the price level of $68 may be penetrated, and the price may face the support levels at $62 and $55. In case the support level of $68 holds, bulls may find resistance levels at $74, $81 and $92.
SOL/USD Market
Key levels:
Resistance levels: $74, $81, $92
Support levels: $68, $62, $55
SOLUSD Long-term Trend: Bearish
SOLUSD is bearish on the daily chart. The bullish trend that commenced on August 13 has pushed the price to the high of $81. The mentioned level was defended by the bears with the formation of bearish harami candle. More bearish candle were produced and the SOLANA commences a bearish movement. It has crossed the $74 level downside and currently penetrating $68 support level.
The sellers are trying to dominate SOLANA market. The fast Moving Average (9 periods) is bending towards the slow Moving Average (21 periods EMA) and the price is trading below the slow EMAs which indicate a bearish movement. Bearish movement may continue as long as the bears maintain their pressure, the price level of $68 may be penetrated, and the price may face the support levels at $62 and $55. In case the support level of $68 holds, bulls may find resistance levels at $74, $81 and $92.
SOLUSD medium-term Trend: Bearish
SOLUSD is bearish in the 4-hour chart. The buyers dominated the Solana market last week. The bullish trend continued as the bulls were steadily gaining more pressure. The resistance level of $81 was tested thrice and the mentioned level holds. The bears were able to gain more pressure and the price is declining towards the support level of $62 at the moment.
The fast EMAs is crossing the slow EMA downside and the currency pair is trading below the 9 periods EMA and 21 periods EMA which indicates bearish market. The relative strength index period 14 is below 40 levels and the signal lines bending down to indicate sell signal.
Also read: Solana (SOL) Price Prediction 2021 and Beyond – Is SOL a Good Investment?
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