Solana Forms A Bilateral Signal For Traders, Will Price Hold Above $30?

  • SOL prices continue to decline as they are bearish with support price trading. 
  • SOL trading below 50 or 200-day Exponential moving average as the price struggle to recover bullish signals. 
  • SOL’s price must surpass the $45 key resistance in order to resume bullish movement. 

Solana’s (SOL), price continues to struggle for its bullish tendency as it fails to break $35 against tether USDT. In the previous weeks, crypto market caps were as high as Bitcoin (BTC), and other crypto assets. The price of Solana, (SOL), still showed some signs of bullishness but is now struggling to keep up with the bearish trend. Data from Binance 

Solana, (SOL) price analysis on the Weekly Chart.

The price of SOL has shown a lot of price movement over the past weeks. Many investors and traders have become interested in its movement. However, this price is still struggling to stay above $30.

The price of SOL fell to $30 per week, but it rallied to $45, and then faced resistance at breaking out of this area to $55.

SOL’s price bounced back from $30 to $35 after it was rejected from 35. However, the price cannot trend higher as long as the trend continued in a downward direction. The price could retest the $24 support level and maybe lower if the trend continues. SOL’s price has held pretty well, considering how uncertain the market has been lately.

Weekly resistance for the price of SOL – $40.

Weekly support for the price of SOL – $30.

SOL on The Daily (Daily) Price Analysis Chart

Source:| Source: SOLUSDT On

SOL’s daily trading price is above support levels that were established in the recent weeks after the price fell from $45 to $30. 

SOL prices continued their downtrend. They moved in a range, as they formed a downward triangle. It looks like there is a possibility of a break to the upside.

To avoid the price of SOL falling to $24-$20, it must rally from the support. If the price falls to the downside of descending triangle, then price will drop to the lows of $20 to $254. Traders might feel mixed about a price break to the upside, which could lead to a retest in the $40-$45 area.

Daily resistance for the SOL price – $45.

Daily support for the SOL price – $30.

Featured Image from zipmex. Charts From Tradingview

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