Solana (SOL) Price Analysis: SOL Price Bulls Need to Break & Hold This MA for A Bullish Reversal

By Sunil Sharma and Domenic
Published July 15, 2021 Updated July 15, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

Solana (SOL)

Solana (SOL) Price Analysis: SOL Price Bulls Need to Break & Hold This MA for A Bullish Reversal

By Sunil Sharma and Domenic
Published July 15, 2021 Updated July 15, 2021
  • SOL price has been struggling to regain important resistance marks
  • 200MA has held price down for nearly a month
  • Major support of $27 kept SOL price from further downside

Solana (SOL) Price Overview

Solana (SOL) price is struggling to gain its footing within its 2 month consolidation zone. Each time it has attempted to break its important resistance zone, bears have came in and smashed price right back down to support. SOL price is a very promising project as its metrics highly outperform its competitors in terms of speed and efficiency. Once the market begins its next uptrend, Solana will sure be one of the leaders.

SOL price is stuck within a descending channel downtrend for the past week. Along with this downtrend lies another long term trend line that  has held SOL price down for nearly 2 months. Each time bulls attempted to break this trend, it has ended with a large rejection to the downside.

For SOL price to begin a strong revival it must first break over this important trend line. If this turns successful, SOL will then have to battle out its major resistance zone of $34.80-$35.92. 

Solana (SOL) Price Analysis: SOL/USDT 4 Hour Chart

Solana (SOL) Price has continued to reject off the 200MA for the past month. Once SOL manages to break & hold this MA, price will have a much higher chance to start a strong bull trend. Major resistance of $32.17 is the next battle for SOL to conquer. If this occurs, a monthly high is very likely to be seen. Price has recently bounced off the major support zone of $27.80 as bulls defended the area strongly. If at any time SOL breaks under this zone, a touch of the previous low or a new low is likely to be seen. 

While looking at the Stochastic RSI, we can see a large spike has just occurred. If this continues, SOL can be sent past its next major resistance zone. For this to occur, strength must hold above the 80 value. The RSI also just experienced a large spike out of the oversold territory. This scenario is a great potential for SOL price to start another short term uptrend.

SOL Price intraday levels 

  • Spot rate: $30.72
  • Trend: Bearish
  • Volatility: Medium
  • Support: $27.80
  • Resistance: $32.17
advertisement

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.

Loading Next Story