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Technical Analysis for SOLUSD for 22nd April 2022

Solana Dumps 27% from April Peaks, SOL Ceiling at $112

Past Performance of SOL

Solana is bearish and within last week's trade range, reading from the formation in the daily chart. Even though SOL's prospects are bullish, sellers are in the driving seat, capping advances below $112. SOL is down 27 percent from April 2022 highs at spot rates, finding support at around $99.

Solana Technical Analysis

From volume analysis, SOL is bearish, finding strong resistance at $112. Notably, SOL buyers didn't unwind the losses of April 11, swinging price action to favor sellers. As per the current setup, aggressive traders may unload on pullbacks below $112 in anticipation of more losses towards Q1 2022 lows of $80. On the contrary, any sharp spikes above the middle BB and $112 nullifies the downtrend, paving the way for optimistic Solana buyers aiming for $142 in a buy trend continuation pattern.

What to Expect from SOL

The Solana mainnet beta is functional with vibrant dApps cutting across DeFi and NFTs. However, after the super rally of 2021, prices are cooling off. In the immediate term, SOL is bullish above $99.

Resistance level to watch: $112

Support level to watch: $99

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

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