Solana price view

Analysis of SOL's weekly time frame chart reveals a decline in price since SOL reached its yearly high of $32.13 in July. This downward trend led to a decline to $17.33 on September 11.
However, the price later recovered and followed an upward trend (green icon). Just as the price decline confirmed the $28 level as resistance, the recovery also confirmed the horizontal $18 level as support.
If Solana's price continues its upward momentum, it has the potential to reach the $28 resistance with a 40% increase. Conversely, if the price breaks below the $18 level, it could see another 30% decline and touch the descending resistance line at $14.
The weekly Relative Strength Index (RSI) has not been determined yet. Many investors use the Relative Strength Index (RSI) as a momentum indicator and helps them make buying or selling decisions by assessing whether a market is overbought or oversold. When the RSI crosses the 50 threshold and shows an upward trajectory, it means that an uptrend is favored.
On the contrary, if it falls below 50, the opposite will be true. The indicator is currently trying to break past the 50 mark (red circle), which signals a bullish reversal and confirms a potential rise towards the $28 resistance area. However, so far this attempt has failed.
Anatoly Yakovenko, co-founder of the Solana network, called on the US government to encourage cryptocurrency innovation without waiting for perfect regulations
When will the rise begin?
While the weekly time frame offers an uncertain outlook, the daily time frame indicates a bullish outlook. There are two main reasons for this.
First, SOL bounced on September 11, confirming a long-term ascending support line. The bounce at the support line aligns with the long-term $18 horizontal area.
After the bounce, SOL price broke out of a descending wedge on September 18. A falling wedge is a bullish pattern. Therefore, a breakout of Solana price could catalyze the beginning of a new upward move.
Finally, the daily RSI broke out from the descending resistance line (green). This is also a sign that the trend is changing. This, combined with the rise in Solana prices, indicates that the rise will continue towards the higher range.
Despite this bullish SOL price prediction, a break of the ascending support line will likely lead to a 30% decline above the long-term descending resistance line near $14.
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