Solana Price Analysis: This is the Next Critical Resistance for SOL After a 10% Weekly Recovery - GKnews.net

Solana Price Analysis: This is the Next Critical Resistance for SOL After a 10% Weekly Recovery


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.

SOLUSDT_2022-06-28_15-17-00
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.

SOLUSDT_2022-06-28_15-17-18
Chart by Trading View

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.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.



Source link

Leave a Comment