- Despite showing relief strength, SOL prices trade below 50 and 200 EMA per day.
- SOL rally was short-lived as BTC prices continued to fluctuate.
- Or the price will drop to its weekly lowest.
While the Solana price (SOL), has been showing some strength in recent months, it has not managed to breach key daily resistance to USDT (USDT). Solana prices (SOL) have fluctuated while bears and bulls play chess. SOL’s lack of bullish strength has left many traders and investors perplexed as to where it might go next. (Data from Binance).
Solana, (SOL), price analysis on the Weekly Chart
SOL’s price bounced back from its $30 weekly low to reach $45 in a price rally, before hitting a bottom and being rejected.
SOL is trading at a level that’s marginally higher than $30. This level serves as an area of good demand for buy orders. SOL must move above its weekly resistance at $35 in order to continue trending higher.
The price of SOL should break above $35 with high volume in order to restore relief. The price of SOL has remained stable at this resistance. SOL’s price could fall to $35 if the market continues to reject it. We may see $30 support retested and perhaps $24 support on the weekly charts if the market falls.
SOL’s price breaks above $35 and it holds there, this could trigger an important rally to $45-$58. This is historically a hard area to see SOL price break from.
Weekly resistance for the price of SOL – $35.
Weekly support for the price of SOL – $30.
SOL on The Daily (Daily) Price Analysis Chart
The price of SOL is still below the key resistance in the daily time frame, even though it tries to surpass higher levels.
The price of SOL formed a downward trend line which acts as resistance to the SOL price. However, it has now shown strength and faced rejection as it attempts to get out of its downtrend.
SOL’s price is $33 below the 50 and 200 Exponential Moving Averages (EMA). For SOL, prices of $35 and $55 are the same as the price at the 50 or 200 EMA.
SOL’s price could rise to $45 if there is a break above $35.
Daily resistance for the SOL price – $35-$45.
Daily support for the SO price – $30.
Featured image from NewsBTC and Charts from Tradingview