Technical Analysis for SOLUSD for 22nd March 2022
Solana in a Bear Flag, SOL Finds Resistance at $95
Past Performance of SOL
The Solana coin is in the top 10 most valuable cryptocurrencies, adding double digits in the last trading week, adding 11 percent. SOL is stable on the previous day as prices trend inside the descending triangle below $100. Technically, the candlestick arrangement of SOL points to weakness and the possibility of another leg down if buyers don't break above the wedge and $100.
Solana Technical Analysis
A bear engulfing bar in the daily chary, confirmed on March 21, indicates structural weakness. From the current SOL candlestick arrangement, traders may find entries on pullbacks below $95 to unload, targeting $80 in the medium term. However, in line with the formation of SOL prices of last week, traders may wait for a solid close above $95, trading the bullish breakout pattern as they set sight on $100, a psychological round number. On the flip side, deep losses below $80 cancel the uptrend as bears flow back, continuing the bear run from late December 2021.
What to Expect of SOL
Although Solana is up double digits, adding 11 percent on the previous week, SOL bulls are struggling. Provided SOL trades above $80, buyers stand a chance.
Resistance level to watch: $95
Support level to watch: $80
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