- Solana has its prices reviving 35% off its weekly lows.
- SOL bulls battle a breakout from the 70 days down moves.
- The coin has to defeat 30-day MA to ensure substantial price rises.
Solana (SOL) traded in bearishness for almost 70 days. That came as the overall crypto market remained calm without any catalysts to trigger price developments. However, the past few days have seen BTC gaining massive momentum. As a result, most alternative coins like the mid-cap assets such as SOL saw upsurges. SOL’s unique technology has boosted the currency with multiple advantages compared to other similar projects. If the market regains the momentum it had at ATHs, Solana might register massive upticks.
The price chart shows that Solana has bounced in the last month, trapped by its downtrend. This pattern lies close to a declining triangle, translating to bearishness. However, it often breaks upwards. While writing this, SOL trades over its crucial long-term trend-line.
If bulls manage to control the prices above this level and the support area at $26.40 to $27.80, Solana (SOL) might extend its southward movements.
For now, SOL has to break the massive resistance at $29.62 for the coin to move towards the 30-d MA. Keep in mind that bulls have failed to defeat this barrier for the past few months. With the correct sentiments, the cryptocurrency might rise over the crucial levels of $30. However, in scenarios where Solana sees no breakouts, it will secure support from $26.40 to $27.80. If it fails to maintain within this range, the following support lies at $22.02.
The RSI denotes that the strength is over the 90-day trend-line for now. If the day candlestick closes over, Solana has chances to change its trend signal. The MACD is on a declining trend that kept the moving averages from bullish breakouts. The market needs bulls’ activities to regain enough momentum for upside movements.
At the moment, a break over the zero (0) line might lead to massive rallies to new highs.
- Spot rate – $29.48
- Trend – Bearish
- Volatility – medium
- Support – $27.80
- Resistance $29.62