Solana Prints Ascending Channel, Why Bulls Won’t Back Down
-SOL reached a new ATH of $80 this week
-Price has formed an ascending channel
-Bulls must break $77 to have a chance at another high
Solana has been on an immensely strong bull run over the last week as prices have risen nearly 80%. With no end in sight, bulls have yet to lose their power. This comes along with two other major alt coins hitting a new ATH (all time high) this past week, LUNA & ADA. The overall market has been experiencing a buying frenzy that hasn’t been seen in many months. The fact that these coins have reached a new ATH may tell us that other major alt coins including BTC may be next. Top 20 alt coins have never reached new highs within a bear market.
While looking at the last few days of price action, we can see how SOL has formed an ascending channel formation. Each time price has reached either trend, a bounce has occurred. SOL will continue its uptrend until either trend of the channel is fully broken. For Solana to reach another all time high, price must break & hold the current resistance found at $77.70. If this is deemed successful, we should expect SOL to first reach a potential minor resistance found at $88. In the case this level gets cleared, SOL may reach its 2nd target found at $100.
At the time of writing, SOL has just rejected off its major resistance of $77.70. Since the high was set 2 days ago, SOL has been holding well above its major support zone of $69. As long as bulls can keep SOL above this support zone, it remains bullish. If at any time Solana breaks the bottom trend of its channel along with this major support zone, we then should expect price to fall back to the minor support of $58 (previous ATH). The 50 MA has acted as support for many weeks & if it manages to fall to this MA, it will surely provide some type of bounce.
While looking at the Stochastic RSI, we can see how it has been coiling within the oversold territory. This is a typically bullish sign that price is gaining strength for another potential run. To confirm this view, both MA’s must break over the 20 value & head towards overbought territory. The regular RSI has formed a clean curved bottom which is usually a bullish pattern as well. If strength breaks back into the overbought territory above the 70 value, we should then expect a new potential high for Solana.
SOL Intraday Analysis
Spot rate: $75.87
Trend: Bullish
Volatility: High
Support: $69.11
Resistance: $77.70
-Price has formed an ascending channel
-Bulls must break $77 to have a chance at another high
Solana has been on an immensely strong bull run over the last week as prices have risen nearly 80%. With no end in sight, bulls have yet to lose their power. This comes along with two other major alt coins hitting a new ATH (all time high) this past week, LUNA & ADA. The overall market has been experiencing a buying frenzy that hasn’t been seen in many months. The fact that these coins have reached a new ATH may tell us that other major alt coins including BTC may be next. Top 20 alt coins have never reached new highs within a bear market.
While looking at the last few days of price action, we can see how SOL has formed an ascending channel formation. Each time price has reached either trend, a bounce has occurred. SOL will continue its uptrend until either trend of the channel is fully broken. For Solana to reach another all time high, price must break & hold the current resistance found at $77.70. If this is deemed successful, we should expect SOL to first reach a potential minor resistance found at $88. In the case this level gets cleared, SOL may reach its 2nd target found at $100.
At the time of writing, SOL has just rejected off its major resistance of $77.70. Since the high was set 2 days ago, SOL has been holding well above its major support zone of $69. As long as bulls can keep SOL above this support zone, it remains bullish. If at any time Solana breaks the bottom trend of its channel along with this major support zone, we then should expect price to fall back to the minor support of $58 (previous ATH). The 50 MA has acted as support for many weeks & if it manages to fall to this MA, it will surely provide some type of bounce.
While looking at the Stochastic RSI, we can see how it has been coiling within the oversold territory. This is a typically bullish sign that price is gaining strength for another potential run. To confirm this view, both MA’s must break over the 20 value & head towards overbought territory. The regular RSI has formed a clean curved bottom which is usually a bullish pattern as well. If strength breaks back into the overbought territory above the 70 value, we should then expect a new potential high for Solana.
SOL Intraday Analysis
Spot rate: $75.87
Trend: Bullish
Volatility: High
Support: $69.11
Resistance: $77.70