Past Performance of #Solana
Despite the crypto-wide dump, Solana bulls are comparatively firm. As per the formation in the daily chart, SOL is within a tight trade range, posting small losses against the rampant USDT. Nonetheless, sellers remain in charge since the coin is within a bear breakout formation, retracing from April 2022 highs.
Solana Technical Analysis
Solana bears are in charge, forcing SOL 30 percent from April 2022 peaks. Technically, SOL is within a bear breakout formation following the losses of April 8. As SOLUSDT consolidates with caps at $100—flashing with the 20-day moving average--and $90 on the lower end, the downside is the path of least resistance. Traders may wait for a clear trend definition, either above $100 or below $90, before aligning position with the merging price trajectory. A close below this week's low may force liquidation to Q1 2022 lows of around $80. Conversely, a refreshing lift-off above $100 may attract buyers in a move that may see SOL expand to $110 and even $140 in the medium term.
What to Expect from #SOL?
Solana's ecosystem is active, which may prop SOL in the medium term. At present, sellers have the upper hand with resistance at $100.
Resistance level to watch out for: $100
Support level to watch out for: $90
Disclaimer: Opinions expressed are not investment advice. Do your research.
Despite the crypto-wide dump, Solana bulls are comparatively firm. As per the formation in the daily chart, SOL is within a tight trade range, posting small losses against the rampant USDT. Nonetheless, sellers remain in charge since the coin is within a bear breakout formation, retracing from April 2022 highs.
Solana Technical Analysis
Solana bears are in charge, forcing SOL 30 percent from April 2022 peaks. Technically, SOL is within a bear breakout formation following the losses of April 8. As SOLUSDT consolidates with caps at $100—flashing with the 20-day moving average--and $90 on the lower end, the downside is the path of least resistance. Traders may wait for a clear trend definition, either above $100 or below $90, before aligning position with the merging price trajectory. A close below this week's low may force liquidation to Q1 2022 lows of around $80. Conversely, a refreshing lift-off above $100 may attract buyers in a move that may see SOL expand to $110 and even $140 in the medium term.
What to Expect from #SOL?
Solana's ecosystem is active, which may prop SOL in the medium term. At present, sellers have the upper hand with resistance at $100.
Resistance level to watch out for: $100
Support level to watch out for: $90
Disclaimer: Opinions expressed are not investment advice. Do your research.
