Solana Price Finds Support at $18
The Solana (SOL) price recently experienced a bounce, confirming the $18 level as a strong horizontal support in the long term. While the weekly timeframe suggests bearishness, the daily timeframe shows several bullish signs, indicating a potential breakout.
Solana Price Bounces from Range Low
On the weekly chart, SOL broke out from a descending resistance line in July and reached a new yearly high of $32.13. However, it has since fallen and established $28 as a resistance level. The price dropped to $17.33 in September but found support at the $18 area.
The weekly RSI is currently bearish, indicating a potential advantage for bearish traders. If the price breaks above its range high of $38, it could see a 36% increase. On the other hand, if it breaks below $18, SOL may fall to the descending resistance line at $13.
Solana Price Breakout Signals Upward Movement
On the daily chart, the bounce from a long-term ascending support line on September 11 suggests further upward movement. Additionally, SOL broke out from a descending wedge on September 18, which is considered a strong bullish sign.
The six-hour RSI is also bullish, breaking out from a descending resistance line and moving above 50. This supports a bullish prediction for SOL, with a potential 35% increase towards the range high.
Hot Take: Solana’s Future Amid Regulatory Concerns
Anatoly Yakovenko, co-founder of Solana network, has called on the US government to prioritize innovation without waiting for perfect regulations. This plea comes as FTX faces liquidation of its crypto assets, including $1.16 billion in SOL tokens, which could lead to significant sell pressure in the market.
Overall, the Solana price shows signs of potential breakout and upward movement, but a breakdown below $18 could invalidate this bullish prediction.
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