The sellers are dominating Solana market
Solana Price Analysis – August 25
Solana will reach $31 and $28 levels provided the support level of $34 does not hold. In case the $34 level holds, the price may increase to the resistance level at $39 and $42 if the $38 level permits.
SOL/USD Market
Key Levels:
Resistance levels: $38, $39, $42
Support levels: $34, $31, $28
SOL/USD Long-term Trend: Bearish
Solana is on bearish movement on the daily chart. Solana started a bearish movement on 14 August after several days of bullish movement; this is clearly noticed on the daily chart when the price decline from the high of $47 and bottomed at $34 support level. More and strong bearish candles continue to emerge and the price declining towards the $34 price level. The cryptocurrency has reached the support level of $34. The coin is consolidating at the support level of $34 since six days ago.
The daily chart has shown that sellers are dominating the market. The price has cross over the 9 periods EMA and 21 periods EMA downside and the former EMA has crossed the later confirming the bearish trend. The price will reach $31 and $28 levels provided the support level of $34 does not hold. In case the $34 level holds, the price may increase to the resistance level at $39 and $42 if the $38 level permits. Meanwhile, the relative strength index period 14 is at 40 levels displaying no specific direction.
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SOL/USD Medium-term Trend: Bearish, Buy Tamadoge Today
Solana’s performance has been bearish in the medium-term outlook. Pressure from the sellers of SOLANA has pushed the price to $34 price level since August 20. In other words, the price is under the control of the bears. It seems the bears’ pressure is getting weak and the price is consolidating at the moment.
Further push by the Bears may bring the coin to the low level at $31. The RSI (14) is at the 47 levels and the signal line pointing down to indicate the sell signal.
Tamadoge sold for 1 USDT to 100 TAMA (1 TAMA = 0.01) in the first phase, in which a beta sale of 200 million tokens were made available to the public. Since then there have been successive sale tranches of 100 million tokens. Half of the tokens on offer in the presale have now been sold. In total 1 billion TAMA tokens are up for sale, with the price rising on each occasion. TAMA has a total supply of 2 billion, so early bird buyers in the presale are able to purchase a generous 50% of supply. Tranche prices will keep rising until the price reaches $0.03, equivalent to 3 times the initial beta sale price. The next price to beat is in the sixth phase when 1 USDT buys 44.44 TAMA.
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