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

  • 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. 

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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
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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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