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.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.