The price of Solana (SOL) has struggled recently to reclaim its bullish strength against tether (USDT) but was unable to as the price hit a new fresh rock. The crypto market faced a new drawback as Bitcoin (BTC) price dropped from a region of $19,000 to $18,100 as the Consumer Price Index (CPI) suggested an increase in inflation affecting the price of BTC negatively with Solana (SOL) not left out of the equation as price lost its key support. (Data from Binance)
State Of The Market
After exhibiting relief bounces and the crypto market cap appearing poised to rally to a high with the hopes of altcoins joining the party, this was cut short as many altcoins experienced a price decline, with many losing key support and more at risk of falling as the price of Bitcoin Dominance (BTC.D) continues to rise.
Solana (SOL) Price Analysis On The Weekly Chart.
The first week of October saw many altcoins showing significant strength as the rally, with others producing double-digit gains combined with the fact that BTC.D was down at the time. As a result, there was little Bitcoin effect during the price retracement.
The price of SOL in recent weeks has protected the region of $30 as the price rallied away from this region to avoid breaking this zone. SOL’s price held this support zone to avert the possibility of turning this strong support into resistance. After BTC saw its price rejected to a low of $18,200, the price of SOL lost this support but quickly bounced from this region to reclaim its support at $30.
Weekly resistance for the price of SOL – $34.
Weekly support for the price of SOL – $30.
The daily timeframe for SOL price faced rejection at $34 as the price could not break above and has struggled to flip this region into support. The price continued to move below $34 before the price was met with a rejection to a region of $28 as the price bounced off this region to reclaim $30. If the price of SOL loses this region of support, we would most likely see the price drop to a low of $24-$20
The price of SOL trades at $30 as the price bounced off after a drop to $28. SOL’s price trades below the 50 and 200 Exponential Moving Averages (EMA) as the price needs to flip 50 EMA to resume a short-term bullish trend.
Daily resistance for the price of SOL – $34.
Source : newsbtc