Home CryptocurrencyAnalysis Solana Shows Bullish Signs Ahead Of 1D Breakout, Can Price Go To $45?

Solana Shows Bullish Signs Ahead Of 1D Breakout, Can Price Go To $45?

by SuperiorInvest

Solana (SOL) is developing bullish sentiment against Tether (USDT) as the price of Solana (SOL) looks to rise with an imminent break above current resistance. Bitcoin (BTC) gained significant strength after closing the weekly candle high, with the price staying above $21,700 for the first time in weeks. Most cryptoassets, including Solana (SOL), benefited, with the price aiming to break through. (Data from Binance)

Solana (SOL) Price Analysis on Weekly Chart

SOL Weekly Price Chart | Source: SOLUSDT On Tradingview.com

The SOL price has struggled to maintain bullish momentum in recent months as it has been rejected from the $45 area, which has acted as a supply zone for most sellers.

Despite growing sentiment that the SOL price will rise, SOL is struggling to regain its bullish momentum.

The weekly SOL chart looks good as the week ended bullish with more bullish sentiment. Since the price of SOL cannot rise, it faces resistance to break above $38.

SOL must break above this level for its price to rise to $40 and possibly $45. For a better chance of trading higher, the SOL price must break and hold above this resistance. If the SOL price breaks out with significant volume, the price may rise. If the SOL price fails, we could see a retest of $31, which would act as a good demand zone for the price to sell off.

The price of SOL appears to be rising as the market prepares for a relief rally.

Weekly resistance at SOL price – $38-$45.

Weekly support at SOL price – $31.

SOL price analysis on a daily (1D) chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The daily time frame for SOL prices appears bullish, with prices aiming to end the day at a high after a strong weekly candle close. SOL has recovered from the daily low and is attempting to break above the 50 exponential moving average.

On good volume, SOL price would break above this $38 area, which would act as SOL price resistance to the higher trend.

If the SOL price fails to break above $38, it may retest the lower $31 area to gather more volume for a possible move above this price area.

On the daily time frame, SOL price is currently trading at $37 and is holding above the 50 exponential moving average (EMA). The $36 price corresponds to the 50 EMA, which is the SOL price resistance.

If the SOL price turns over the 50 EMA, a strong bullish price movement is predicted. If the SOL price reverses by 23.6% Fibonacci (Fib) retracement value, a higher price movement is expected.

On the daily chart, the Relative Strength Index (RSI) for SOL is above 50, indicating high buy order volume.

Daily Resilience at SOL Price – $45.

Daily support at SOL price – $31.

Featured Image From NewsBTC, Charts From 

Source Link

Related Posts

%d bloggers like this: