Solana SOL trades at $35 Tether (USDT). It has been able to transform its support into resistance during recent weeks. BTC’s bullish price structure was broken below critical zones. This caused the prices to drop and left investors confused about where they are headed.
Solana (SOL), Price Analysis on The Weekly Chart
The chart shows that SOL’s weekly low was $31 and bounced back to $44 following strong recovery indicators in the recent weeks.
SOL’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish showing signs of weakness after being rejected from $44.
The market has had difficulty gaining traction while it attempts to retain key support.
This structure should be maintained by the price of SOL, which could lead to a quick return to $31, the key support. The price of Bitcoin should not fall below $20.
Weekly resistance for the price of SOL – $44.
Weekly support for the price of SOL – $31, $20.
Price of SOL Chart On Daily (1D).
SOL’s price broke down to the downside due to more sales orders. This caused SOL to lose its support for the uptrend.
To avoid panic selling, SOL’s price needs to bounce and form support above.
SOL’s price has held this support well; bulls could step in and push it higher, to $38 as resistance.
SOL currently trades at $34.7. This is just below the $50 Exponential Moving Average, which corresponds with a $40 price.
Relative Strength Index, (RSI), for SOL price, is displayed on the daily charts.
Volume on the daily frame suggests that there are more buyers, which would make it a good time for SOL prices.
Daily (1D) resistance for SOL price – $38.
Daily (1D) support for SOL price – $31.
SOL Price Analysis on the Four-Hourly Chart (4H)
SOL’s price has been in a bearish pattern below its 50 and 200 EMA price levels, which are $40 and $38, respectively. These prices act as resistance to SOL price.
SOL could lose its $31 support level and the price will retest $28 support levels.
Four-Hourly (4H) resistance for SOL price – $38, $40.
Four-Hourly (4H) support for SOL price – $31, $28.
SOL price above $31 can be held for a long time to prevent panic selling.
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