Solana [SOL] Price Analysis: Solana Aims To Smash Through Multi Month Trend

By Domenic
Published July 30, 2021 Updated July 30, 2021
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Solana [SOL] Price Analysis: Solana Aims To Smash Through Multi Month Trend

By Domenic
Published July 30, 2021 Updated July 30, 2021
  • SOL experienced a near 18% push over the last day
  • Price has touched a 2 month long trend
  • SOL is attempting to hold 200MA

Solana is trying to pull itself out of the trench it fell into the last 2 months. Prices are up nearly 50% after a short term bottom was set last week. Solana’s promising tech has kept it in the eyes of many investors over the recent bearish trend . SOL is attempting to become a better version of Ethereum as it offers a highly scalable & efficient way to host dApps (decentralized applications). Solana has been eyeing a spot in the top 10 cryptocurrencies for much time now and it may achieve that once the market turns back to full bull mode.

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Solana Price Analysis

Solana Analysis

trend line has been a key point of the Solana chart the last 2 months. This trend line (shown in black), has acted as a barrier multiple times. Just over the past day, SOL has attempted a breakout of this trend but has since been stalled. This area is also met with an important resistance mark of $31.48. Bulls must break & hold this mark to be in a clear position for a strong bull trend to occur.

At the time of writing, SOL is trading above its 200MA. This MA has been a struggle for bulls as they have failed to hold it multiple times. In the case that price falls back below, SOL will likely experience a short term bear trend. The first major support SOL will fall to is $29.64. Failing to hold this support will likely end in a drop to major support zone of $26.42-$27.80. This area is full of liquidity so a bounce off this zone is expected.

While looking at the relative strength index , we can see the strength has just broken out of a week long bull flag . This is a very bullish case and will likely result in the RSI visiting 70 & above. This is where large price surges will occur. The MACD is signaling a bullish pattern as it aims to finish off an S curve. The histogram has much more room to tick higher. 

SOL Intraday Analysis

  • Spot rate: $31.47
  • Trend: Bullish
  • Volatility: Medium
  • Support: $29.69
  • Resistance: $31.53
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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
130 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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