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Solana has found good support at $37 and the price now appears in preparation to move higher.
Key Support levels: $37
Key Resistance levels: $44
After a successful test of the key support at $37, Solana’s price is ready to move higher and test the key resistance at $44. This pullback may be the pivot SOL needed to make a higher high. The only impediment appears to be a decreasing volume.
Chart by TradingView
Technical Indicators
Trading Volume: Since the market crash in mid-June, Solana’s volume has been declining steadily. This puts any attempt at a major breakout in doubt. However, the low volume may also be indicative of a major move ahead.
RSI: The daily RSI is above 50 points and has made a higher low and higher high. This puts SOL in an uptrend, at least for the short term.
MACD: The daily MACD is bullish, but the histogram is making lower highs which would suggest some loss of momentum behind the current price action.
Chart by TradingView
Bias
The short-term bias for SOL is bullish.
Short-Term Prediction for SOL Price
Solana had a steady recovery so far and managed to almost reach $44 before facing significant resistance. The price will have to break this key level if SOL is to move higher.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.