Solana (SOL) technical analysis:
Trade setup: Price bounced off of $10 support and broke above $15 level with robust volume, making a Higher High, a sign of trend reversal. Price has reached our target $25-30 resistance zone, which also lines up with 200-day moving average and a long-term down trendline. That makes that a very stiff resistance zone. Hence, we could see some profit taking pullback near-term. Price needs to break above this stiff resistance area to indicate that buyers have soaked up all the supply overhang.
Trend: Uptrend on Medium-Term basis and Neutral on Short- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $15 (previous resistance), then $10. The nearest Resistance Zone is $25 – $30, then $40.
Trade setup: Price bounced off of $10 support and broke above $15 level with robust volume, making a Higher High, a sign of trend reversal. Price has reached our target $25-30 resistance zone, which also lines up with 200-day moving average and a long-term down trendline. That makes that a very stiff resistance zone. Hence, we could see some profit taking pullback near-term. Price needs to break above this stiff resistance area to indicate that buyers have soaked up all the supply overhang.
Trend: Uptrend on Medium-Term basis and Neutral on Short- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $15 (previous resistance), then $10. The nearest Resistance Zone is $25 – $30, then $40.