SOL Price Analysis: Solana (SOL) Eyes Breakout of 50 Day Trend, Will It Break $40?

SOL price has revived nearly 65% since lows of $20
200 MA has been acting as resistance the last 3 weeks
MACD has been coiling for a breakout

Solana has caught much attention over the last year due to its highly scalable and efficient blockchain. SOL price experienced a very strong bull trend while BTC was ranging above $50,000. This strong price action had come to a halt when the overall market turned bearish. Since then, investors have been awaiting a bullish breakout to begin strong revival to previous levels.

Since June 22nd, SOL price is respecting an ascending channel. Price has rejected at the top trend multiple times as the bottom trend has held support.

SOL has experienced 5 rejections at the major resistance of $34.80. Once price manages to break and hold this value, we can expect a large push to near $40. In the case of another rejection, major support is found at $32.17.

SOL Price Analysis: SOL/USDT 4 Hour Chart

Along with the major resistance of $34.80 lies two very important marks. The first being the 200MA which has acted as resistance for nearly a month. In addition, there is a longer term trend that has held SOL price from a bull trend throughout the last 50 days. Bulls must break and hold these marks to experience a strong revival.

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The RSI has been consolidating in a sideways fashion over the last week. This has created a descending channel which is shown in black. A break to either side will likely result in a strong price movement. In addition, the MACD has been coiling above the 0 line in bullish territory. This will likely result in a strong upward move once the MA’s cross bullish.

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SOL price intraday levels

Spot rate: $33.55
Trend: Neutral
Volatility: Medium
Support: $32.17
Resistance: $34.80

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Disclaimer

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.

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.

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