Categories: Crypto NewsNews

Solana Falls Below $100( R1 589) As Bulls Recover The Market

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Nonhlanhla P Dube
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The price behavior of Solana suggests that bulls are seeking to retake the market. Prices for SOL begin the daily trading chart in a horizontal trend. Solana prices are trading at $100( R1 589) as the market faces resistance at the $100.5( R1 598) level. Bulls will try to push prices up in order to recapture the $101(R1 605) level. The bears will be able to seize control of the market if prices fall below $99.5( R1583).

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Solana prices have ranged between $97.10( R1 543) and $100.54( R1 599) in the last 12 hours, with the cryptocurrency gaining 0.11 percent.

Solana Recovers More Than $100( R1 589)

The bulls are facing some resistance as the cryptocurrency trades near the $100.5( R1 598) level, but there is a lack of momentum for further gains. With a trading turnover of more than $1.2 billion( R19.1 bn), the digital asset controls 1.84 percent of the whole cryptocurrency market.

SOL prices have a market capitalization of $33.4 billion(R 531 bn), putting the cryptocurrency in sixth place overall. Solana prices are seeking to break through $100.0( R1 589) in order to kickstart a bullish rise that might take the cryptocurrency back to $101(R1 605). The next barrier will be $103 ( R1 636), followed by the all-time high of $133.35( R2 119).

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The daily price trend for SOL/USD reveals that Solana prices are looking for stability after a significant spike towards the $101 (R1 605)mark. The market is currently in a sideways trend, and some short-term consolidation is possible. If the market falls below $99( R1 573), it will be negative, but if the bulls retake control, a comeback to $103 ( R1 636) is possible.

The market’s decline is being stifled by the negative trendline, but buyers are attempting to break through it. The RSI indicator is trading towards the 50.0 level as market trepidation sets in. The MACD has crossed to the bearish side, which may cause prices to fall in the short term, but the bulls are still attempting to push prices higher.

Alternatively, another decline might be precipitated by a potential rejection from the 55-day SMA, which bulls have been unable to push and close prices above during the last four trading days. With the Relative Strength Index (RSI) below 50, bears have enough room to proceed lower, setting up the ideal strategy to break below the $95( R1 511) level and open the door for another 10% fall to $85 ( R1350). If that level fails to hold, the $75 ( R1 192) level, highlighted by the bearish triangle formed in February and March, could come into play.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube