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The Solana network, which has gained popularity with fast transaction confirmations and low fees, experienced a significant drop in TVL due to the exodus of institutional investors. We also saw the SOL Coin price drop to $8. Now, the popular altcoin, showing signs of revival during the general market rally in 2023, is facing an important test.
Solana (SOL) Analysis
The psychological support level of $20 has been lost. At the time of writing, the price, which is around $19.5, had previously managed to attract buyers at this level. It is uncertain whether the SOL Coin bulls can hold their ground amidst continued closures below $26,000 in BTC price. The daily chart shows an important bullish order block area between $18.3 and $19.5.
If demand in this region increases as before, we may see the SOL Coin price rise to the range of $22 to $22.5. On the other hand, in the opposite scenario, sellers could push it down to the 23.6% Fib level ($17.4). Following that, there are support levels at $15.6 and $16.65. Meanwhile, the Relative Strength Index (RSI) has oscillated below 50 in the past few days, indicating equal buying and selling pressure.
September SOL Coin Predictions
According to real-time order tracking platform Mobchart, buyers are still holding strong in the $18 to $19 range. As shown by the green lines, significant buy limit orders were placed at these levels on the Binance Exchange. Therefore, if BTC does not surprise negatively, we may also see the price bounce from this region. On the sell side, there is a strong sell wall at the $22 level on the 4-hour timeframe.
If BTC can stay above $26,000, according to this scenario, the price could target the $20.2 barrier, followed by $22 and $23.75. After that, the $27 level, which has been rejected multiple times, could be tested. The most critical resistance area for SOL Coin is currently at $27 since the FTX crash. If we are to see a price above $50 again, this important resistance area needs to be reclaimed permanently.
Bitcoin currently does not show significant signs of recovery. The cumulative volume of cryptocurrencies is also weak, and it was surprising to see the impact of the Glassnode news disappear so early.
