Technical Analysis for SOLUSD for 15th July 2022
Solana in a Rising Wedge, Primary SOL Resistance at $44
Past Performance of SOL
Solana might be down 75 percent from April 2022 highs but has since recovered, rallying 31 percent from 2022 lows. There are hints of strength following the rejection of lower prices on July 13. At the back of expanding trading volumes and wide-ranging prices from around a critical support trend line, SOL prices might bounce higher in the immediate term.
Solana Technical Analysis
From the SOLUSDT candlestick arrangement in the daily chart, sellers have the upper hand. However, the rejection of lower prices with rising trading volumes from the support trend line at around $34 indicates strength. Technically, risk-off traders can load the dips, targeting June 2022 highs of $44. Meanwhile, conservative but bullish SOL traders can wait for a clean break above $44 before buying on dips with targets at $60. Any reversal with rising participation levels below $34 nullifies this forecast, paving the way for sellers set on retesting 2022 lows of $26.
What to Expect from SOL
Solana prices are within a rising wedge as per the formation in the daily chart. With prices reversing from a critical support trend line and bouncing from 2022 pits, prices may inch higher in the short term. Still, a clear trend definition depends on the breakout above $44 or a dump below $34.
Resistance level to watch: $44
Support level to watch: $34
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