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Solana price Prediction: Bulls Want Another 6% Increase in SOL, But Why?

source-logo  thecoinrepublic.com 04 November 2022 18:09, UTC
  • Solana price corrected slightly today, showing interesting price action.
  • Despite a range-bound market, the price remained above the 200 DMA on the 4-hours chart.
  • Solana price is trading above significant support levels.

Bitcoin and Ethereum are ending this week. Undoubtedly the crypto market is stable now and most of the altcoins are performing well. Despite this fact, the Solana price seems to be confined within a narrow range when it suffers from pump and dump.

Solana prices jump in the early hours of the intraday trading session. This rapid price recovery comes as the digital asset found a stable support level of $30, which has already retested over the past seven days. Due to this recovery, Solana price forecast says a 6% higher price recovery from current price levels. Perfect short-term bullish barriers are present at the $34.5 mark.

Source:SOL/USDT by Tradingview

Amid today’s price surge, bull’s participation is increasing as price continues moving higher. Resulting in, Solana price witnessed a 5.6 intraday gain while it stayed at $32.4 Mark at press time. This sudden rebound makes strong support at $30 level. Similarly, the SOL/BTC pair is slightly up 0.72% at 0.001572 Satoshis.

Before a sharp bullish trend, digital assets may revisit most recent support. Despite a range-bound market, price sustains above 200 DMA on a 4 hours chart. 200 DMA fuels ongoing trend in SOL. Nevertheless, trading volume was down by 35% overnight at $825.8 million.

Source:SOL/USDT by Tradingview

In terms of the daily price scale, the 20 day moving average emerged as a trend changing point during pump and dump. Furthermore, bulls need to flip 100 DMA (yellow) into another support if they want to overcome range-bound phase.

The daily RSI gets lower momentum rejection at semi-line. As of now it’s headed towards the skyrocket territory. But ADX constantly moving lower, shows weak strength in ongoing momentum.

Conclusion

On 3rd November, daily price closing occurred with gravestone doji candles. Now bulls aim to propel Solana price towards the $34.5 level before any significant price retracement phase. Solana price prediction suggests another 6% rally ahead.

Support level – $30 and $25

Resistance level – $34.5 and $50

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

thecoinrepublic.com