- Solana (SOL) had started to show signs of life since last month.
- At the time of writing (BST 7:25 am), Solana was trading at US $144.21 and had a trading volume of US $1,926,609,642 in the 24 hours as per CoinMarketCap.
- It was down by 4.74% but had a volume uptick of 17.24%.
Following a series of bearish weeks, Solana (SOL) had started to show signs of life since last month. The trend started on September 22, before the bears again pounced on the market, threatening a pullback just a couple of days later.
Bears had gripped Solana, forming a parallel pattern (or sideways), staying there before showing signs of life once again.
Staying below the crucial support floor for almost a week, on September 29. The prices briefly showed an uptick, but the bears once again pulled it downwards from the support floor and reigned supreme during the following days.
On Tuesday, Solana again met with resistance at US $145.52, although there was a volume uptick by 17.24% as per CoinMarketCap. On October 12, it was trading at the US $144.21, as the bulls were seen to make a strong start to the day's trading session.
As we can see, the moving average convergence divergence (MACD) line, which indicates the trend following the momentum, in the red histogram is below the signal line indicated in green, as they intersect to showcase the right amount of movement briefly. However, it again had its nose ahead of the green line, indicating that it was on a downward path.
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SOL’s one-day Moving Averages, Oscillators and Pivots, so far indicates that it is still in the neutral zone, pointing that bulls and bears are trying to outdo each other in the race to move ahead. While the 50 EMA, 100 EMA, and 200 EMA (exponential moving averages) indicate a strong bullish sentiment is on the horizon, the 20 EMA is showcasing a bearish sentiment.
Traders and market participants would be now banking on the volume uptick and would be keeping their fingers crossed that this could help Solana to stay strong and break this bearish pattern which has been there for some time to attain its psychological barrier of the US $200
But for now, the investors’ major headache is the resistance level of 145.52. From the bulls’ perspective, they indeed need something to change to give them the impetus to start their rally once again.
So far, bears have had a greater number of good days than the bulls. As soon as the bulls show some signs of life, the bears pull them down. The only positive point has been that while the prices have been down, the volume has been relatively better.