Solana Price Analysis – July 17
SOL/USD has been trading below the moving averages, while the price of the cryptocurrency fluctuates sideways.
Resistance levels: $31.5, $33.5, $35.5
Support levels: $21.5, $19.5, $17.5
After touching the resistance level of $26.9 today, SOL/USD is seen trading at $26.64. The Solana coin is also trading within the channel and below the 9-day and 21-day moving averages, indicating an indecisive movement in the market. For the time being, the market price is moving around the lower boundary of the channel and the trading volume is issuing a buy signal but the Relative Strength Index (14) is moving below the 40-level.
Solana Price Analysis: Where is SOL Price Going Next?
The Solana price is expected to revisit a $28 resistance level. Any attempt by the buyers to cancel the sideways movement could result in an upward trend. However, the purpose of this movement is for the buyers to push the price above the 9-day MA before heading to the crucial resistance levels at $31.5, $33.5, and $35.5. On the downside, crossing below the lower boundary of the channel could bring the price to the supports of $21.5, $19.5, and $17.5.
SOL/BTC Market: Price Moving Sideways
Against Bitcoin, the Solana is trading around the lower boundary of the channel but with a bullish candle trying to move towards the 9-day moving average. However, the Relative Strength Index (14) is still moving around $40-level which could bring more bearish signals into the market. A bearish movement may likely hit the support level of 7000 SAT and below.
Moreover, any form of a rebound from the current level at 8425 SAT could push the price of the coin above the 9-day and 21-day moving averages to hit the resistance level of 9800 SAT and above. But the buyers still need to gather enough momentum for them to push the price to the north. For now, the trading volume is very low and may start rising once the technical indicator turns upward.