- SOL Coin is striving to maintain strong demand in the $19.5 region.
- If Bitcoin remains above $26,000, SOL Coin could potentially climb to $20.2 and $22.
- In a bearish scenario, the $15.6 and $16.65 regions are critical.
The SOL Coin is currently facing a significant challenge, despite showing signs of revival during the general market rally in 2023. The coin’s price had dwindled to as low as $8, following a substantial drop in TVL due to institutional investors’ exodus from the Solana network, which had gained popularity due to its fast transaction confirmations and low fees.
Solana (SOL) Analysis
The psychological support level of $20 has been lost. At the time of writing, the price, which is approximately $19.5, had previously managed to attract buyers at this level. Whether the SOL Coin bulls can remain strong amidst concerns about Bitcoin’s ongoing closures below $26,000 remains to be seen. The area between $18.3 and $19.5 is a significant bullish order block area on the daily chart.
If demand in this region increases as it has in the past, we could see the SOL Coin price rise to the area between $22 and $22.5. In a bearish scenario, sellers could push it to the 23.6% Fib level ($17.4), followed by the $15.6 and $16.65 levels. Meanwhile, the Relative Strength Index (RSI) has been oscillating below 50 in the past few days, indicating quiet but equal buying and selling pressure.
SOL Coin Predictions for September
According to the real-time order tracking platform Mobchart, buyers continue to remain strong in the $18 and $19 region for now. As indicated by the green lines, large buying limit orders have been placed at these levels on the Binance Exchange. Therefore, if BTC doesn’t spring any unpleasant surprises, we could see the price bounce from this region. On the selling side, there is a strong sell wall in the $22 region on the 4-hour time frame.
If BTC can stay above $26,000, the $20.2 barrier could be targeted, followed by the $22 and $23.75 levels according to this scenario. Subsequently, the $27 region, which has been rejected several times, could be tested. The most critical resistance area for SOL Coin since the FTX crash is at $27. If we are to see a price above $50 again, this significant resistance area needs to be reclaimed permanently.
Bitcoin is currently not showing any significant signs of recovery. The cumulative volume of cryptocurrencies is weak, and it was surprising that the impact of the Glassnode news faded so quickly.
Conclusion
Investors should be aware that cryptocurrencies carry high volatility and therefore risk. They should conduct their own research and make transactions accordingly. This information does not constitute investment advice.
