Solana wants to break the multi-month trend

  • SOL experienced a nearly 18% boost on the last day
  • The price touched a 2 month long trend
  • SOL tries 200MA. to keep

Solana tries to free herself from the trench she has fallen into for the past 2 months. Prices are up nearly 50% after hitting a short-term low last week. Solana’s promising technology has kept it in the eyes of many investors in recent years bearish trend . SOL is trying to find a better version of the. to become ether as it offers a highly scalable and efficient way to host dApps (decentralized applications). Solana has long had its eye on a spot in the top 10 cryptocurrencies and could achieve it once the market returns to full bull mode.

Solana price analysis

Solana analysis

ON Trend line has been an important item on the Solana chart for the past 2 months. this Trend line (shown in black), has acted as a barrier several times. SOL attempted to break out of this trend on the last day, but has since stalled. This area is also hit with an important resistance level of $ 31.48. Bulls need to break through and hold this mark in order to be in a clear position for a strong bull trend to emerge.

At the time of writing, SOL is trading over its 200MA. This MA has been a fight for the cops as they failed to hold them on several occasions. In the event that the price falls below it again, SOL is likely to experience a short-term downtrend. The first major support SOL will fall on is at $ 29.64. If you don’t hold this support, it will likely end up with a drop to Major Support zone from $ 26.42 to $ 27.80. This area is full of liquidity so a recovery from this zone is expected.

When looking at the Relative Strength Index , we can see that the force broke out after just a week Bull flag . That is a very bullish Case and will likely lead to that RSI Visit from 70. There will be big price jumps here. That MACD signals a bullish pattern as it aims to finish an S-curve. The histogram has a lot more leeway to tick higher. SOL intraday analysis

  • Spot price: $ 31.47
  • Trend: Bullish
  • Volatility: Medium
  • Support: $ 29.69
  • Resistance: $ 31.53

Disclaimer of liability

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

Domenic Fiore loves the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision of becoming an entrepreneur and wanted to be successful from a young age. Domenic has owned and operated an auto retail business since he was 16 and was part of two CBD companies through 2018 and 2019, seeing 10x returns in a few months. Then he realized there was a lot of potential and went headlong into learning what he could. He developed a great passion for technical analysis and knew this was his path to financial freedom. Over the past 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly thereafter, he wanted to help spread the word in the retail industry and help others to be successful.

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