Technical Analysis for SOLUSD for 4th August 2022
Solana Stable after Early Fears, SOL Resistance at $47
Past Performance of SOL
After early fears, pinned on fundamental factors, threatened to pulverize SOL, prices concluded the day strongly on August 3. The coin is stable on the last trading day but in red week-to-date. Still, the long lower wick yesterday points to strong buying pressure in the closing hours of the NY session. SOL buyers stand a chance only if prices are steady above $34 or last week's lows.
Solana Technical Analysis
Solana prices are stable at spot rates and in a broader uptrend, inside a rising channel, based on the candlestick arrangement in the daily chart. Still, prices must close above last week's highs at $47 for trend definition. The initial momentum for this eventual surge, however, depends on the ability of bulls to soak intense selling pressure and retain prices above $34. Aggressive traders can align with the immediate and medium-term trend by loading the dips, targeting $47. On the other hand, conservative traders can wait for a solid close above the upper range of the rising channel at $47 or even $50 before accumulating on dips, targeting $60 and later $70.
What to Expect from SOL
Solana is under immense selling pressure, but the recovery in late August 3 points to strength. A close above the upper trend line of the rising channel may spur demand, lifting SOL to critical liquidation levels in a retest.
Resistance level to watch: $47
Support level to watch: $34
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