This week saw Solana through a small increase after establishing new support above the monthly low. However, it encountered rejection as it failed to sustain recovery above a minor resistance – currently up by 2%.
Sol’s bulls lost steam lately after marking a two-year high at $68 two weeks ago. It entered a consolidation phase and continues to gather momentum for another surge in volatility.
Due to a drop in the buying volume, the bulls have been finding it difficult to resume short-term rallies. However, the price is still looking strong on the daily chart. The price may dip if they fail to show strong commitment.
As shown on the daily chart, Sol has found solid ground above the $51 level for almost two weeks. Aside from that, it established new support above $53 this week and increased to a daily high of $62.
It encountered resistance there and dropped slightly to where it’s changing hands at $60. While consolidating on a daily, it is footing a fresh increase on the hourly chart.
A clear push above the daily high could put the bulls back in action. For now, no signs of sellers in the market. If they show up and gain control of the market, Sol will lose momentum.
SOL’s Key Level To Watch
While Sol faces resistance at the $62 level, an increase above it could allow recovery to $65 and $68 before breaking higher to $70 and $75 on a daily.
In the case of a drop, the crucial support level to watch for a breakdown is $51.30. After that, the next support levels to consider for drops are $48.31 and $44.83 respectively.
Key Resistance Levels: $62, $65, $68
Key Support Levels: $51.30, $48.31, $44.83
- Spot Price: $60
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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