- SOL’s price fails to rally high as the price continues to stall in its price movement despite the market looking green across boards.
- SOL’s price continues to trend below key support as the price tries to build more strength to overcome this area of resistance that has held the price down.
- SOL’s price remains strong on the daily timeframes as the price trades below the 50 Exponential Moving Average (EMA).
The price of Solana (SOL) has yet to show some good price action to the upside as the price has continued to stall in its price movement as the crypto market continues its course for relief bounces. The crypto market has enjoyed a bit of relief across all assets, with Bitcoin (BTC) showing great traction, rallying and dragging the market. Solana (SOL) has remained relatively slow in buy orders as there is little or no volatility propelling the price of Solana (SOL). (Data from Binance)
Solana (SOL) Price Analysis On The Weekly Chart
The past week has seen many altcoins continue to produce over 200% gains over the past 7 days of breaking out of their range-bound movement, as many believe more hope could be settling into the crypto space once more.
The new week has looked a bit skeptical, but things are beginning to shape up and looking more promising for some altcoins, like BAND, rallying over 100% in less than 24 hours, showing the price action and volume for buy orders. The price of SOL has shown little sign of volatility as the price continues to stall in its price movement as the price aims to break out of its shell with a rally imminent.
After dropping from its high of $65 some months back, the price of SOL has had a great struggle to pull off a rally that has left many in euphoria.
The price of SOL saw its trade at a low of $24 on the weekly chart; the price swiftly bounced from this region as the price rebounded to a region of $45, where it was rejected to a region of $30. Still, the price bounced from here after forming a range as the price was locked into its range movement for weeks.
Weekly resistance for the price of SOL – $35-$45.
Weekly support for the price of SOL – $30.
Price Analysis Of SOL On The Daily (1D) Chart
In the daily timeframe, the price of SOL continues to look strong as the price broke out of its long-range price movement to a high of $33, recapturing the key support of $30 the price lost a few days back as the price aims for a rally to a daily high of $35-$45, where the price could face a major resistance to break higher.
SOL’s price needs to reclaim $45 for more bullish recovery bounces, as this has proven to be a tough region for SOL; if the price fails, we could retest $30.
The price of SOL trades at $33.5 above the 50 EMA, which indicates a good relief sign for SOL’s price on the daily timeframe. The price of $30 corresponds to the 50 EMA supporting SOL values.
Daily resistance for the SOL price – $45.
Daily support for the SOL price – $30.
Featured Image From zipmex, Charts From Tradingview
Image and article originally from www.newsbtc.com. Read the original article here.