Solana (SOL) Continues To Lag In Price; SOL Must Do This One Thing To Rally

  •  SOL’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards. 
  •  SOL’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price down. 
  • SOL’s price remains strong on the daily timeframes as the price trades below the 50 Exponential Moving Average (EMA).

Solana (SOL), although showing some price improvement, has remained stuck in the market’s price movement. This is despite the fact that the cryptocurrency market continues to bounce back from its recent price declines. All assets have seen some relief, including Bitcoin (BTC), showing amazing traction, rallying the market, and dragging it. Solana has been relatively slow to buy because there’s little volatility that drives the Solana price (SOL). Data from Binance

Solana (SOL), Price Analysis on The Weekly Chart

Altcoins continued to see over 2000% growth in recent weeks, despite breaking away from their range-bound movements. Many believe that more hope is now settling into crypto. 

Although the new week looked uncertain, things look more positive for altcoins like BAND. BAND rallied over 100% within 24 hours. This is a sign of price action as well volume for orders to buy. SOL is showing little volatility, as its price remains stuck in its current price movements. The price hopes to rise with an imminent rally.

SOL’s price has fallen from its peak of $65 just a month ago. It has taken a long time to recover and have experienced euphoria. 

SOL traded at $24 as low on its weekly chart. It quickly bounced back to $45, and then to $45, but was later rejected for $30. The price rebounded after it formed a range for several weeks. 

Weekly resistance for the price of SOL – $35-$45.

Weekly support for the price of SOL – $30.

SOL on The Daily (Daily) Price Analysis Chart

SOLUSDT Price Chart Daily | Source: SOLUSDT On

The price of SOL is still strong in the daily price range. It broke through its long-range price movement of $33 to reach a high point of $33, recovering the $30 support that it lost just a few days ago. Now, the price looks set to rally to $35-$45 a day, and could encounter major resistance to breaking higher. 

SOL’s price needs to reclaim $45 for more bullish recovery bounces, as this has proven to be a tough region for SOL; if the price fails, we could retest $30.

The price of SOL trades at $33.5 above the 50 EMA, which indicates a good relief sign for SOL’s price on the daily timeframe. SOL values support 50 EMAs, and $30 is the price.

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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