-SOL revives 35% off weekly low
-Bulls attempt breakout of 70 day downtrend
-30 Day MA needs to fully break to be in the clear
Solana has been stuck within a bearish trend for nearly 70 days as the cryptocurrency market has failed to turn its trend back to bullish. Over the past couple days there has been strong momentum on BTC and other top coins which may signal mid cap coins such as Solana are next in line. The technology that SOL offers is very unique and has many advantages to other coins within its class. This type of utility will go a long way once the overall market picks back up to the speed of which it was at in the beginning of the year.
While looking at the chart, we can see how SOL has been bouncing around the last couple of months stuck under its downtrend. This pattern is very close to a descending triangle which is a typical bearish pattern but often time breaks to the upside. At the time of writing, SOL is above its important long term trend line. As long as bulls can keep price above this trend along with the major support zone of $26.40-$27.80, SOL should continue moving north.
The major resistance for SOL to break & hold is the $29.62 mark which will send price straight to the 30 day MA. This MA has acted as a barrier the last few months which bulls have failed to smash through. Once this occurs, we can expect price to rise beyond the $30 zone. In the case these breakouts fail to occur, SOL will find support anywhere from $26.40-$27.80. If this box fails to hold, the next major support is found at $22.02.
While looking at the RSI, we can conclude strength is now above a 90 day trend line. As long the day candle closes above, SOL has flashed a very important trend changing signal. The MACD has followed a downtrend line which has held the MA’s from a bullish breakout. A break above the 0 line will trigger a massive rally to the upside.
SOL intraday levels
Spot rate: $29.48
Trend: Bearish
Volatility: Medium
Support: $27.80
Resistance: $29.62
-Bulls attempt breakout of 70 day downtrend
-30 Day MA needs to fully break to be in the clear
Solana has been stuck within a bearish trend for nearly 70 days as the cryptocurrency market has failed to turn its trend back to bullish. Over the past couple days there has been strong momentum on BTC and other top coins which may signal mid cap coins such as Solana are next in line. The technology that SOL offers is very unique and has many advantages to other coins within its class. This type of utility will go a long way once the overall market picks back up to the speed of which it was at in the beginning of the year.
While looking at the chart, we can see how SOL has been bouncing around the last couple of months stuck under its downtrend. This pattern is very close to a descending triangle which is a typical bearish pattern but often time breaks to the upside. At the time of writing, SOL is above its important long term trend line. As long as bulls can keep price above this trend along with the major support zone of $26.40-$27.80, SOL should continue moving north.
The major resistance for SOL to break & hold is the $29.62 mark which will send price straight to the 30 day MA. This MA has acted as a barrier the last few months which bulls have failed to smash through. Once this occurs, we can expect price to rise beyond the $30 zone. In the case these breakouts fail to occur, SOL will find support anywhere from $26.40-$27.80. If this box fails to hold, the next major support is found at $22.02.
While looking at the RSI, we can conclude strength is now above a 90 day trend line. As long the day candle closes above, SOL has flashed a very important trend changing signal. The MACD has followed a downtrend line which has held the MA’s from a bullish breakout. A break above the 0 line will trigger a massive rally to the upside.
SOL intraday levels
Spot rate: $29.48
Trend: Bearish
Volatility: Medium
Support: $27.80
Resistance: $29.62