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- 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 ChartRead more
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.
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.
SOL price intraday levels
- Spot rate: $33.55
- Trend: Neutral
- Volatility: Medium
- Support: $32.17
- Resistance: $34.80
The post SOL Price Analysis: Solana (SOL) Eyes Breakout of 50 Day Trend, Will It Break $40? appeared first on Coingape.
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