April 26, 2021 | Summer sheikh
Key highlights:
- Solana is up another 12% today as the cryptocurrency continues to head towards the $ 50 level.
- Solana was on an all-out rift last month when it exploded a strong 232% over the reporting period.
- The coin hit above 0.001 ₿ today but has since fallen to 0.000904 dropped.
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| Solana price | $ 47.13 |
|---|---|
| Important SOL resistance levels | $ 50.50, $ 54.28, $ 59.50, $ 62.62, $ 65 |
| Important SOL support levels | $ 45, $ 42.30, $ 40, $ 36.50, $ 35 |
* Price at the time of writing
Solana has taken the market by storm in the past few weeks after rising a whopping 232% last month. The Solana exchange rate previously rose above $ 50 today but has fallen slightly since then, trading at $ 47.66 at the time of writing.
Solana was founded in 2017 by Anatoly Yakovenko and is a decentralized blockchain with a very high throughput that launched its mainnet in the third quarter of 2019. It’s a highly scalable blockchain for smart contracts that uses historical evidence to check the sequence and timing between events.
The coin had an ICO in March 2020 that managed to raise around $ 25.6 million in total. The coin is now up a total of 215% from the ICO price of just $ 0.22.
Solana’s growth in recent months has been aided by the fact that they have stepped into popular sectors of the ecosystem such as NFT markets and Defi. With that in mind, it appears that Solana is trying to be a competitor against Ehtereum, though there is still much work to be done before fair comparisons are made between the two.
After all, a lot of developers seem to be reaching out to Solana. The developer activity in the blockchain in the last few months has enabled Solana to reach 4th place in projects with the most active developers and only stand behind LINK, EGLD and Bitcoin themselves.
Solana is making its way to the top 10 coins and currently ranks 12th with a total market cap value of $ 12.79 billion.
Let’s keep looking at the markets and see where they could lead.
Solana price analysis
What’s happening?
SOL set a new ATH price of $ 52.12 today but has since fallen back below the $ 50 level. The cryptocurrency struggled to break resistance at the $ 17.20 level for most of March through the end of the month until it managed to go beyond that and hit the $ 20 level.
In April, SOL continued to surge as it topped $ 20 levels and hit $ 30 by the middle of the month. It went above $ 30 for the past two weeks as it was able to set new ATH prices every day last week when the overall market was up, Bitcoin fell from $ 60,000 to below $ 50,000.
Yesterday, SOL rose from $ 40 to hit resistance at $ 50.50 – provided by a fib extension level of 1.272. The $ 50 level will be the next major resistance to close a daily candle above it to signal that buyers are still ready to push SOL higher.
Solana price short term forecast: Bullish
SOL is currently considered strongly bullish. The cryptocurrency would have to fall below $ 27.15 (0.618 Fib Retracement) to be in danger of going neutral. It would have to stay below $ 17.50 (100-day EMA) to go bearish in the short term.
If sellers are pushing down, the first level of support is at $ 42.30 (0.236 fib retracement). This is followed by $ 40, $ 36.51 (0.382 Fib Retracement), 35, $ 31.83 (0.5 Fib Retracement), $ 30, and $ 27.15 (0.618 Fib Retracement).
Where is the resistance to the top?
On the flip side, the first level of resistance is at $ 50.50 (1.272 Fib Extension – red). This is followed by $ 52.28 (1.272 Fib Extension), 59.52 (1.414 Fib Extension), 62.62 USD (1.414 Fib Extension – blue), 67.06 USD (1.618 Fib Extension), and $ 70 .
What’s happening?
SOL also does very well against Bitcoin as it set a new ATH price of 10.001 yesterday. The cryptocurrency started the month at 0.0003 when it started rising again. On April 18, SOL managed to break the resistance at 0.0005 break when another uptrend began which allowed the coin to hit the 0.001 1 level over the weekend.
The cryptocurrency has been down slightly since then but has found support at 0.000858 ((0.236 Fib Retracement) and has since risen from there to trade at 0.000904 ounced.
Solana price short term forecast: Bullish
SOL is certainly optimistic about Bitcoin. The cryptocurrency would need to fall below 0.000619 ((0.618 Fib Retracement) to go neutral and would need to continue below 0.0003 to be in danger of going bearish in the short term.
If sellers are pushing down, initial support is at 0.000858. (0.236 Fib Retracement). This is followed by .0000.0008, ₿0.000767 (.382 Fib Retracement), ₿0.000693 (.5 Fib Retracement) and ₿0.000619 (.618 Fib Retracement).
Additional assistance can be found at 0.0005, 0.0004, and 0.0003.
Where is the resistance to the top?
On the other hand, the first resistance is at 10,001. This is followed by 110.0011, ₿0.00116 (1.272 Fib extension), ₿0.0012, ₿0.00124 (1.414 Fib extension) and ₿0.0013.
Additional resistance is found at ~ 0.00137 (1.618 Fib Extension), ~ 0.0014, and ~ 0.00147 (1.618 Fib Extension – Orange).
Keep up to date with the latest ETH price predictions here.
Previous technical analysis
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