Technical Analysis for SOLUSD for 5th July 2022
Solana Revival, SOL Adds 10% and Reverses from $31
Past Performance of SOL
Solana, like most crypto assets, is rising with the tide. At press time, SOL is up 10 percent in the last trading day but still in red week-to-date. The rejection of lower prices could signal a local bottom for the coin at around $31, flashing with last week's lows.
Solana Technical Analysis
SOL is trading within a narrow range, and sellers are still in charge. However, there are encouraging higher highs with clear support at around $31, marking last week's lows. Currently, prices are recovering from the 61.8 percent Fibonacci retracement level of the June 14 to 25 bullish range. Further gains in follow-through of the June 4 bull bar may draw more buyers into the equation, possibly lifting SOL towards June 2022 highs of $43. Therefore, risk-off traders may find entries on every correction above $31, targeting $43. If not, losses below last week's lows will nullify the bullish preview, paving the way for sellers targeting $25.
What to Expect from SOL
Buyers may take charge in the short term as long as SOL prices are above last week's highs. Further confirmation of June 4 gains may see the coin float towards last month's highs.
Resistance level to watch: $43
Support level to watch: $31
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