Technical Analysis for SOLUSD for 5th September 2022
Solana Prices Consolidates, SOL is Firm above $30
Past Performance of Bitcoin
Like the rest of the markets, Solana prices are depressed. The daily chart shows SOL is within a bear formation, interpreted from a top-down preview. Although bears are in control, prices are inside a bull bar, at least in the short term, and firm above $30, a strong reaction point and support.
Bitcoin Technical Analysis
There are flashes of strength, reading from how prices pan out in the daily chart. Despite these markers of strength and rejection of lower prices, sellers dominate from a top-down analysis. Even with SOL accumulating, the immediate trend is southwards from an effort versus result analysis. In the meantime, gains above $33, on the back of rising volumes, may see SOL expand to $35 in a welcomed reprieve. This formation will, most notably, confirm the gains of August 29, laying a base for a possible recovery to August 2022 highs of around $50.
What to Expect from BTC
SOL is at around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range. It is a typical level from where most crypto prices historically bounce after deep retracements. Whether this will be replicated depends on whether SOL bulls hold above the immediate support at $30.
Resistance level to watch: $33
Support level to watch: $30
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