Solana Holds Key Support To Avoid Drowning, How Long Can This Last?

Hodlers are suffering from more volatility in the Solana price (SOL), which has been higher against USDT. Even though the Solana price has been showing strength, it is now at $45, up from $30 over recent weeks. Investors hoped that there would be more rallies towards $60. The Solana prices (SOL) were not accepted by investors and continue to fall without any significant rebound. (Data from Binance).

Solana (SOL), Price Analysis on The Weekly Chart 

SOL’s price dropped from $250 to around $30, representing a drop of more than 70% from its all-time high. SOL’s price rose to $45, after touching $32 for the week. This was a sign of strength, as people set high prices and expected a return to $60. However, the price was rejected.

The weekly chart showed that the SOL price formed a downtrend as it continued to follow this resistance line. It bounced off and began its bearish run. The price of SOL failed to breach the trendline resistance, and after some time it was rejected.

SOL trading is above the $30 support level; SOL’s price cannot fall to $24-20. SOL’s support price means that we could trade up to $35. Breaking below $30 will signal lower demand zones, and bulls would resist entering buy orders. This would increase the agitation for lower price.

To resume its bullish trend, SOL’s price must break and hold above the trendline resistance that is preventing the price of SOL from trending higher. The price of SOL may drop if it continues to resist the trendline resistance. This is because more buy orders are being placed than sell orders.

Weekly resistance for the price of SOL – $45.

Weekly support for the price of SOL – $30.

SOL Price Analysis on the Daily (1D), Chart

Source: SOLUSDT on Tradingview.com| Source: SOLUSDT On Tradingview.com

Prices continue to fall daily as SOL prices tumble. The channel has $45 resistance and $30 support.

SOL’s price must move out of the range channel in significant volumes to provide relief and hope to investors. SOL would suffer if the close fell below $30. This would lead to panic selling and more sales orders. SOL prices that break and close above $45, may give way to a small relief rebound towards the $60-$80 area.

Relative Strength Index for SOL (RSI), which is higher than 40 on the daily charts, indicates more sales volume. 

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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