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Solana (SOL) Aims to Break its Two Month Trend

Brief –

  • The price actions over the previous day saw SOL rising by almost 18%.
  • The coin touched the two-month-long price trend.
  • Solana tries to maintain 200 MA.

Solana attempts to overcome the trench it dipped in some two months ago. After the last week’s near-term bottom, SOL had its price spiking by almost 50%. Solana has attracted many investors due to its fintech solutions, contributing to the current bullish trend.

Keep in mind that the crypto aims to improve Ethereum services with an effective way to host decentralized applications (dApps). Moreover, SOL is highly scalable. Remember, Solana has attempted to claim a position in the top-ten asset multiple times. The crypto will have to wait for the entire market to turn bullish to accomplish that.

Price Analysis

The SOL’s trend-line served as a vital level for the past two months. The asset has depended on this trend-line as a barrier many times. SOL tried to breach the trend yesterday but, as usual, failed. Keep in mind that the critical resistance level, $31.48, meets this trend-line. At the moment, Bulls need to activate their actions to break and sustain this level for Solana to enjoy massive upward movements.

SOL trades over the 200 moving average while publishing this article. Bulls have tried to hold this MA on multiple occasions but failed. With the price falling below the zone, SOL might see a near-term bearish trend. Its initial support lies at $29.64. Failure to hold this mark will force SOL down to the support around $26.42 to $27.80. The asset might see a bounce off the area as the zone has colossal liquidity.

The RSI indicator shows that the strength broke out of the bull flag that existed for a week. That is a bullish move that can see RSI shifting to above 70. The MACD signals bullishness as it targets to complete an S bow. The histogram shows that SOL has enough room to register higher highs.

The correct catalysts in the crypto market might see Solana (SOL) breaking its long trend, existing for around two months.

Intraday levels.

  • Spot rate – $31.47
  • Trend – bullish
  • Volatility – medium
  • Support zone – $29.69
  • Resistance zone – $31.53
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