Solana Fails at $60 as Bears Prevent Any Further Upside (SOL Price Analysis) - GKnews.net

Solana Fails at $60 as Bears Prevent Any Further Upside (SOL Price Analysis)


Solana had a good attempt at breaking above $60, but the market momentum was against it.

Key Support Levels: $44

Key Resistance levels: $57, $78

Solana attempted to rally after reaching the support at $44 and gained over 50%, reaching the key resistance at $57. However, at that point, sellers intervened and prevented any further upside momentum, pushing the price back to the lower $50s. If buyers cannot recover from this soon, SOL could end back on the key support.

SOLUSDT_2022-05-18_14-16-54
Chart by Trading View

Technical Indicators

Trading Volume: Similar to most of the market, SOL’s volume remains low after spiking during the crash on May 12th.

RSI: The daily RSI managed to leave the oversold area at 30 points but now struggles to continue upwards. A failure here could send the RSI back under 30 points.

MACD: The daily MACD remains bearish while the histogram is making higher lows. Buyers really need to step up as otherwise, they will lose control of the price again.

SOLUSDT_2022-05-18_14-16-44
Chart by Trading View

bias

The bias for SOL is neutral. The cryptocurrency appears to be stuck in a range between $44 and $57.

Short-Term Prediction for SOL Price

While Solana’s price is found in a range, this is unlikely to last since market forces seem more likely to push it out of this area one way or another. Unless buyers come back, SOL might retest the $44 support level based on the current indicators.

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Cryptocurrency charts by TradingView.



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