Technical Analysis for SOLUSD for 29th April 2022
Solana Consolidates, SOL Finds Support at $90
Past Performance of SOL
Despite the crypto-wide dump, Solana bulls are comparatively firm. As per the formation in the daily chart, SOL is within a tight trade range, posting small losses against the rampant USDT. Nonetheless, sellers remain in charge since the coin is within a bear breakout formation, retracing from April 2022 highs.
Solana Technical Analysis
Solana bears are in charge, forcing SOL 30 percent from April 2022 peaks. Technically, SOL is within a bear breakout formation following the losses of April 8. As SOLUSDT consolidates with caps at $100—flashing with the 20-day moving average--and $90 on the lower end, the downside is the path of least resistance. Traders may wait for a clear trend definition, either above $100 or below $90, before aligning position with the merging price trajectory. A close below this week's low may force liquidation to Q1 2022 lows of around $80. Conversely, a refreshing lift-off above $100 may attract buyers in a move that may see SOL expand to $110 and even $140 in the medium term.
What to Expect from SOL
Solana's ecosystem is active, which may prop SOL in the medium term. At present, sellers have the upper hand with resistance at $100.
Resistance level to watch: $100
Support level to watch: $90
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