Technical Analysis for SOLUSD for 29th June 2022
Solana in Range, SOL Finds Support at $33
Past Performance of SOL
Solana is still in the top 10 but down eight percent on the last trading day. From the SOL candlestick arrangement in the daily chart, the coin is within a bullish breakout pattern, trading above the middle BB—a flexible resistance level. Overall, buyers appear confident even though prices are within a tight $10 range below $43.
Solana Technical Analysis
After deep losses from early April, prices broke above the middle BB for the first time in over six weeks—a shot in the arm for buyers. As prices recover, buyers can add to their longs, provided prices are above the middle BB. The first target is at $43—last week's highs—and if buyers build up momentum, the coin may rally another 40 percent to retest $60—a critical reaction level in May 2022. Conversely, bears will be back in contention once there is a close below the middle BB and $33. In that case, SOL may drop to retest 2022 lows at $26 in a bear continuation pattern.
What to Expect from SOL
SOL is at around H2 2021 lows at spot rates. While SOL is firm, buyers need to break above immediate resistance levels for confirmation. Any drop below $23 may draw sellers angling for $13—or worse.
Resistance level to watch: $43
Support level to watch: $33
Disclaimer: Opinions expressed are not investment advice. Do your research.
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