Solana (SOL) technical analysis:
Trade setup: Price bounced off of $20 support, above 200-day moving average and above long-term Down Trendline to indicate that buyers have soaked up all the supply overhang and to signal Uptrend resumption. It could revisit our target of $25-30 resistance zone. That’s a stiff resistance area where the price got rejected several times in 2023.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $20, then $15. The nearest Resistance Zone is $25 – $30, then $40.
Trade setup: Price bounced off of $20 support, above 200-day moving average and above long-term Down Trendline to indicate that buyers have soaked up all the supply overhang and to signal Uptrend resumption. It could revisit our target of $25-30 resistance zone. That’s a stiff resistance area where the price got rejected several times in 2023.
Trend: Downtrend on Short- and Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Bearish (MACD Line is below MACD Signal Line, and RSI is below 45).
Support and Resistance: Nearest Support Zone is $20, then $15. The nearest Resistance Zone is $25 – $30, then $40.