Solana Price Faces Coupled Conditions, Will SOL Price Make it or Break it?

The post Solana Price Faces Coupled Conditions, Will SOL Price Make it or Break it? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

Solana, the fastest-growing cryptocurrency ecosystem and blockchain in the world, has dropped by 6.54% in the last week. Moreover, the price continued to decline by  1.07% in the past 24- hours. As the bulls and bears haggle between the 8-day exponential and 21-day simple moving averages. 

The Solana price is now auctioning at $32.99 with 353,979,548 SOL in circulation. The chart below indicates that a breakout could occur at any moment. By driving the price of cryptocurrencies back to their low point, savvy trading in a short amount of time can make or break the event.

The August highs are shown at $48.42 on the chart above, and the most recent swing low is at $29.91. This bias could work in the bears’ favor. At $38, the bulls can be seen being denied, indicating a bearish volume.

With a break of the swing at $29.91 initiating any ensuing loss of equivalent value to the August downtrend, a 40% decline is anticipated.

In conclusion, a daily close over $35 would raise the SOL price to the $40 level which represents the 61.8% Fib of the suggested downward movement. The favorable trend would result in a 20% increase in Solana’s price.