Solana (SOLUSD) Bulls Finally Stop the Bearish Market

Solana started the bearish market on the 5th of October after the market formed a resistance price of $34.25. As the bears push the price to the downside, they drag the bulls along with them. At some point in the bearish market, we notice bullish activities. For instance, on the 16th and the 17th of October, a very strong bullish move was seen in the market. But on the 17th and 18th of October, the market formed a resistance price at the $31.14 price level and this became the basis for the continuation of the bearish market. From the 21st of October, bulls put a stop to the bearish price advancement.

Information From the Indicator
From the 21st of October, the market formed a support price level of $28.035. We expect that this will be the basis for a bullish market. on the 23rd of October, a very strong bullish candle appeared on the chart, but it only triggered a strong bearish move in today’s market (which is the 24th of October). Sellers have brought the price very close to the place where the market had formed the support level in yesterday’s market. The bullish support has cut short the bearish advances as the price could not go any further to the lower price levels. In the MACD indicator, the fast and slow lines converged at 38%. The two market forces struggle at this point.

Information from the 4-hour chart
On a general Outlook, the bears had the market to themselves today. Yet, in the second and third sessions of today, bullish pressure was felt in the market. The bulls started with a doji in the second session and this gave the signal for an imminent bullish move in the next session. And the next session which was the third session was very bullish as expected. However, bears became responsive to this bullish move in the following fourth session. The fifth session is again giving a signal that buyers may take the next session.

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