- SOL’s price shows strength as it bounces from a downtrend range after losing its key Support to a region of $28.
- SOL now faces major challenges to maintain above support and trend higher over $34 since the price moved out of its downtrending descending triangle.
- SOL’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
After losing its support, the Solana price (SOL), bounced back to $27.5. The Solana price (SOL), eyes further rallies if market conditions continue to be more positive. These past days, the crypto market looked better with Ethereum (ETH and Bitcoin (BTC). As the market looks at more range, the SOL price has risen from $27 to around $31 and is expected to improve. Data from Binance
Solana (SOL), Price Analysis on The Weekly Chart
In recent times, Solana has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of SOL hasn’t enjoyed a measure of relief following the fact it has many projects building on its ecosystem and its popularity to tip Ethereum in terms of use and transaction speed.
SOL’s price had struggled to replicate its rally that took the price of SOL to an all-time high of $250 before it faced rejection to trend higher.
SOL rallied from $27.5, its weekly low, after losing its support of $30, to reach $31 and show great signs of recovery.
SOL is facing a tough decision: to rally to a peak of $35? This could lead to further upside movement towards the $45 area.
Weekly resistance for the price of SOL – $35.
Weekly Support for the price of SOL – $30.
SOL on The Daily (Daily) Price Analysis Chart
SOL trades at $30, narrowly above its key Support. After losing this support, SOL traded in the $27.5 region, breaking away from its ascending triangle.
SOL must break above $35 in order for it to trend higher towards $45-60, which would be a critical supply area for traders.
Fibonacci’s retracement value (Fib), 23.6%, indicates that the SOL price must break above and maintain this level for it to move higher. According to Fib, the price of $32.5 is equivalent to 23.6%. A rally could occur to $35 if SOL closes at or above these levels.
Daily resistance for the SOL price – $35.
Daily Support for the SOL price – $30.
Featured Image from Coinpedia. Charts from Tradingview