Technical Analysis for SOLUSD for 10th March 2022
Solana Recovery, will SOL Bulls Clear $100?
Past Performance of SOL
Like the rest of the cryptocurrency market, Solana wasn't spared. The coin is down double digits from 2021 peaks. However, the coin is stable at spot rates, finding support at $80. After a deep retracement, SOL prices could spring back to trend. Still, the strength of the pullback depends on the level of participation and how rapid the close is above immediate resistance levels.
Solana Technical Analysis
There is a three-bar formation clear in the daily chart printing as SOL prices bounce from $80—a multi-week support level. A confirmation of the March 9 rally could be the basis for another wave of higher highs back to $100 or March 2022 peaks.
Accordingly, risk-off traders may find entries in lower timeframes, buying the dips provided SOLUSDT trends above $80. Their immediate target would be at $100 as aforementioned. However, strong surges above the resistance trend line of the descending triangle could anchor the next leg up towards $120 or better in the medium term.
What to Expect of SOL
SOL has support at around the 78.6 percent Fibonacci retracement level of the H2 2021 trade range. Confirmation of yesterday's gains could see SOL extend their gains versus the USDT.
Resistance level to watch: $100
Support level to watch: $80
Disclaimer: Opinions expressed are not investment advice. Do your research.
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