Solana Price Analysis – June 18
Solana price is suffering under the influence of the bears as the path of least resistance remains downward.
Resistance levels: $60, $62, $64
Support levels: $8, $6, $4
The daily chart reveals that the trading volume is decreasing further as SOL/USD pair continues to move under the control of bears. The Solana price may slide below the lower boundary of the channel which could hit the supports at $8, $6, and $2 respectively. Therefore, it is important to note that SOL/USD market remains on a long-term downtrend trading below the 9-day and 21-day moving averages.
Solana Price Analysis: Where is SOL Price Going Next?
Looking at the daily chart, the Solana price may remain at the downside while bullish control could cross above the 9-day and 21-day moving averages. However, if buyers can return to the market, the coin could reach the resistance levels of $60, $62, and $64 may come into play. But on the contrary, a surge of volatility may come to play as the technical indicator Relative Strength Index (14) crosses below the 30-level, suggesting a further drop in prices within the market.
SOL/BTC Market: Solana Price May Head to the North
Against Bitcoin, Solana is moving to cross above the upper boundary of the channel as the price action heads to the north. Now, SOL/BTC appeared non-volatile as the price remains above the 9-day and 21-day moving averages, signaling a possible surge in the market. As it is now, the SOL price is likely to go down to the support level of 1200 SAT and below if the bulls failed to hold the current market value.
However, a bullish regroup may bring a decisive move with a potential break above the channel. If such a scenario occurs, the Solana price may likely go as high as 2000 SAT and above. On the long-term outlook, the SOL price remains on the upside as a rebound could be possible if the 1500 SAT can act strong. Meanwhile, the Relative Strength Index (14) is likely to cross above the 60-level to keep the coin on the upside.