SOL Crashes 7% in 24 Hours, But Bullish Hopes Remain (Solana Price Analaysis)

0

Solana made a higher high, and then the price quickly reversed course.

Key Support levels: $35, $27

Key Resistance levels: $44, $59

After a sustained rally that took SOL’s price above the ascending triangle, bears took over the market and pushed the cryptocurrency back under the key resistance at $44, where the bulls failed to step up and lost the level. For this reason, the next key support is now found at $35.

Chart by TradingView

Technical Indicators

Trading Volume: The volume turned red in the past two days. Nevertheless, the selling volume is low, and bulls may retake control soon.

RSI: The daily RSI exploded higher earlier this week but now quickly reversed towards 50 points. As long as the RSI stays above 50 points, SOL can continue up.

MACD: The daily MACD is bullish. Even if the buying momentum faded a bit, Solana seems positioned to explore higher levels.

SOLUSDT_2022-07-21_12-00-48Chart by TradingView

Bias

The short-term bias for SOL is bullish.

Short-Term Prediction for SOL Price

Despite this correction, Solana managed to make a higher high, and if buyers return, then SOL’s price could move much higher in the coming week. If the $44 resistance falls again, then bulls can target $59. As long as the critical support at $35 holds, Solana remains in an uptrend.

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 any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Source: https://cryptopotato.com/sol-crashes-7-in-24-hours-but-bullish-hopes-remain-solana-price-analaysis/

Source link

Leave A Reply

Your email address will not be published.

Shares