This website uses cookies to ensure you get the best experience on our website

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020