![Solana [SOL] bounces from range-low support, what’s next?](https://i.headtopics.com/images/2023/8/18/cryptoamb/solana-sol-bounces-from-range-low-support-what-s-n-solana-sol-bounces-from-range-low-support-what-s-n-C66903061E88093652A8412D44658C82.webp)
Solana's [SOL] range-bound price movement continued after another price rejection at the range-high.
descent below $29k, SOL dipped rapidly from the range high. However, SOL’s price recovered immediately through a combination of the bullish order block and support level.
If SOL’s recent price precedent is to be followed, bulls will make another attempt for the range high . Nevertheless, bears could take advantage of the bearish market sentiment to flip the $22.4 support level.The recent price rejection at the $25.3 resistance saw the Relative Strength Index dip below the neutral 50. However, it was recovering, as of press time to highlight rising buying pressure for Solana.
A look at the price chart on the 12-hour timeframe showed the price tussle between buyers and sellers has ranged on for close to a month. After sellers successfully flipped the $25.3 level to resistance on 22 July, bulls have staunchly defended the $22.3 support level. While bulls have refused to give up the support level, bears have also made the $25.3 price level a stronghold, rebuffing multiple bullish breakout attempts. This oscillating price action has limited SOL’s price progress on the higher timeframes with traders waiting for a clear market trend.
If bulls successfully rally to the range high again, a close above the level will see further upside available at the $29-$32 price level. Alternatively, bears flipping the $22.3 support level could see sellers aim for the $18-$20 price zone.The exchange long/short ratio typically serves as a good indicator of the direction speculators think the market will swing next.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Solana eclipses XRP & DOGE in this metric, but it’s not all good newsBeneath this remarkable feat, SOL has faced its fair share of challenges, as its price experienced a recent downturn.
Read more »
BTC price: Spot Bitcoin ETF and halving to trigger Bitcoin price move to $150k next year
Read more »
BACK TO SCHOOL SALE!!! | Littmann Classic III StethoscopeLittmann Classic III Stethoscope SALE PRICE $184.99 (Regular Price $229.
Read more »
BCH breaks above the short-term resistance at $233 — is $250 next?Instead of trading the chop in the middle of the range, a more consistent trade would be to look to short the range highs at the psychological $250 resistance
Read more »
Inflation quickens to 3.3% but core measure shows progressInflation ticked back above the Bank of Canada’s control range in July, but progress on underlying price pressures leaves room for policymakers to pause interest-rate hikes.
Read more »
Annual grocery price increases continue to far outpace overall inflationGrocery prices are still rising at a far higher annual pace than overall inflation, but experts expect to see them continue moderating as the year progresses. The price of groceries grew 8.5 per cent in July compared with last year, down from a 9.
Read more »