Technical Analysis for SOLUSD for 4th April 2022
Solana in a Bullish Breakout Formation, SOL Uptrend Valid above $120
Past Performance of SOL
SOL is in a solid uptrend as per the formation in the daily chart as price gains from mid-March 2022 buoyed buyers for a firm conclusion of Q1 2022. Thus far, buyers are in the driving seat, rejecting bearish attempts following gains on April 3. Technically, every low may offer entries for optimistic Solana bulls. However, the preview is only applicable provided SOL prices are above $120—or February 2022 highs, validating the uptrend.
Solana Technical Analysis
SOL is bullish, adding 36 percent in the previous trading week following a strong close versus the USDT. In a bullish setup backed by solid upside momentum and volatile prices, aggressive and optimistic Solana traders may find entries above $120. Since SOL is within a bullish breakout formation closing above February 2022 highs and earlier the descending wedge as prices bottom up, every retracement may offer an opportunity to double down. However, this preview is only valid as long as prices are above February 2022 highs. Once prices edge above last week's highs of around $145, the immediate target will be $160—a key reaction point of mid-January 2022.
What to Expect of SOL
Solana's ecosystem is developing, supporting prices. Based on the SOL candlestick arrangement in the daily chart, buyers are in a bullish breakout. The uptrend is valid only if bulls maintain prices above $120.
Resistance level to watch: $145
Support level to watch: $120
Disclaimer: Opinions expressed are not investment advice. Do your research.
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