- 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 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.. SOL is attempting to become a better version of
Solana Price Analysis
Ahas been a key point of the Solana chart the last 2 months. This (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 majorof $26.42-$27.80. This area is full of liquidity so a bounce off this zone is expected.
While looking at the, we can see the strength has just broken out of a week long . This is a very case and will likely result in the visiting 70 & above. This is where large price surges will occur. The is signaling a 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
- Volatility: Medium
- Support: $29.69
- Resistance: $31.53