Solana: price analysis updated on July 22, 2022

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Solana witnessed this strong bullish force However, the bulls have been losing steam over the past seven days as of this writing. In the past 24 hours, the coin has been selling for 9%. The current support level for SOL is $ 38. The asset reached after the massive rally to the monthly high on July 13th.

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Solana: What is the current situation?

The recent reversal from the 61.8% Fibonacci level could signal a rebound of the EMAs in the short term. A drop below the 50 EMA could delay the likely outlook for recovery. At the time of writing, SOL was trading at $ 41.9175, down from 7.34. % in the last 24 hours.

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After the recent breakout, the bulls have regained strength, but the Fibonacci level of gold has reduced buying efforts.

Price action now appeared to consolidate near the 50 EMA. A rebound from this level would confirm a bullish hammer on the daily time horizon. In this case, the potential targets would remain in the $ 46- $ 47 area. Buyers’ inability to act. A strong uptrend could only help sellers prolong the slow phase.

The buying power of the altcoin has remained low as sellers dominate the price action on the chart relative strength index showed the same situation. The RSI has been plotted below the midline, indicating a decline in purchasing power.

Furthermore, the CMF removed the support at 0.06 and joined the bullish chart. These readings could help buyers lock in support at the 50 EMA. Interestingly, the MACD has finally found a place above its zero level, a sustained position above this level would indicate a gradual shift in momentum in favor of buyers.

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Given the bullish break above the pattern with the 20 EMA looking north, SOL may see a return demonstrationas it faces an obstacle in the region of $ 46.5.

A drop in the current price ensures that SOL reaches the $ 38 line and then touches the $ 30 support line that is trading increased to indicate a greater purchasing power which could indicate a recovery on the four-hour chart.

Final comments

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