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Technical Analysis for SOLUSD for 26th October 2022

Solana Pulling Higher from September Lows, SOL Might Retest $38

Past Performance of SOL

Solana losses have been profound and rapid, reading from the formation in the daily chart. As an illustration, SOL prices are down 88 percent from 2021 peaks and technically remain under pressure despite gains of October 25. At spot rates, the coin is up four percent and pulling away from 2022 lows, adding 18 percent in four months.

Solana Technical Analysis

Higher highs relative to the lower BB point to a possible shifting momentum. However, trading volumes of the past four to five trading days have been low, meaning these upsides might not be with higher participation, an indicator of apprehensive traders. All the same, this can change, especially if there is a decisive break above the dynamic resistance line, the middle BB, confirming gains of the past three trading days. In that case, traders can load the dips above $27, last week's lows, targeting $38, or September 2022 highs.

What to Expect from SOL

SOL is riding the crypto revival, possibly impacting sentiment. As it is, the bullish engulfing bar of October 25 may be the foundation for a leg up toward September highs, an opportunity for aggressive traders.

Resistance level to watch: $38

Support level to watch: $27

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

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