SOL Price Analysis: Solana (SOL) Bulls Must Break These Levels to Print Another High

By Domenic
Published August 21, 2021 Updated August 21, 2021
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SOL Price Analysis: Solana (SOL) Bulls Must Break These Levels to Print Another High

By Domenic
Published August 21, 2021 Updated August 21, 2021
  • SOL price reached a new ATH of $80 this week
  • SOL Price has formed an ascending channel
  • Bulls must break $77 to have a chance at another high

Solana (SOL) price has been on an immensely strong bull run over the last week as prices have risen nearly 80%. With no end in sight, bulls have yet to lose their power. This comes along with two other major alt coins hitting a new ATH (all time high) this past week, LUNA & ADA. The overall market has been experiencing a buying frenzy that hasn’t been seen in many months. The fact that these coins have reached a new ATH may tell us that other major alt coins including BTC may be next. Top 20 alt coins have never reached new highs within a bear market.

While looking at the last few days of price action, we can see how SOL has formed an ascending channel formation. Each time price has reached either trend, a bounce has occurred. SOL price will continue its uptrend until either trend of the channel is fully broken. For Solana to reach another all time high, price must break & hold the current resistance found at $77.70. If this is deemed successful, we should expect SOL to first reach a potential minor resistance found at $88. In the case this level gets cleared, SOL may reach its 2nd target found at $100.

SOL Price Analysis: SOL/USDT 4 Hour Chart

TradingView Chart

At the time of writing, SOL price has just rejected off its major resistance of $77.70. Since the high was set 2 days ago, SOL has been holding well above its major support zone of $69. As long as bulls can keep SOL price above this support zone, it remains bullish. If at any time Solana breaks the bottom trend of its channel along with this major support zone, we then should expect price to fall back to the minor support of $58 (previous ATH). The 50 MA has acted as support for many weeks & if it manages to fall to this MA, it will surely provide some type of bounce. 

While looking at the Stochastic RSI, we can see how it has been coiling within the oversold territory. This is a typically bullish sign that price is gaining strength for another potential run. To confirm this view, both MA’s must break over the 20 value & head towards overbought territory. The regular RSI has formed a clean curved bottom which is usually a bullish pattern as well. If strength breaks back into the overbought territory above the 70 value, we should then expect a new potential high for Solana.

SOL Intraday Analysis

  • Spot rate: $75.87
  • Trend: Bullish
  • Volatility: High
  • Support: $69.11
  • Resistance: $77.70

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Domenic
134 Articles
Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.

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