Solana [SOL] Price Analysis: Solana Aims to Smash continue trend into August

Solana SOL Price Analysis
Solana SOL Price Analysis

Solana [SOL] Price Analysis: Solana Aims to Smash continue trend into August – Solana is trying to pull itself out of the trench it fell into the last 2 months. Prices are up nearly 50% after a short term bottom was set last week. Solana’s promising tech has kept it in the eyes of many investors over the recent bearish trend. SOL is attempting to become a better version of Ethereum as it offers a highly scalable & efficient way to host dApps (decentralized applications). Solana has been eyeing a spot in the top 10 cryptocurrencies for much time now and it may achieve that once the market turns back to full bull mode.

Solana Price Analysis

Solana Aims to Smash continue trend into August
Source: TradingView

A trend line has been a key point of the Solana chart the last 2 months. This trend line (shown in black), has acted as a barrier multiple times. Just over the past day, SOL has attempted a breakout of this trend but has since been stalled. This area is also met with an important resistance mark of $31.48. Bulls must break & hold this mark to be in a clear position for a strong bull trend to occur.

At the time of writing, SOL is trading above its 200MA. This MA has been a struggle for bulls as they have failed to hold it multiple times. In the case that price falls back below, SOL will likely experience a short term bear trend. The first major support SOL will fall to is $29.64. Failing to hold this support will likely end in a drop to major support zone of $26.42-$27.80. This area is full of liquidity so a bounce off this zone is expected.

While looking at the relative strength index , we can see the strength has just broken out of a week long bull flag . This is a very bullish case and will likely result in the RSI visiting 70 & above. This is where large price surges will occur. The MACD is signaling a bullish pattern as it aims to finish off an S curve. The histogram has much more room to tick higher. 

SOL Intraday Analysis

  • Spot rate: $31.47
  • Trend: Bullish
  • Volatility: Medium
  • Support: $29.69
  • Resistance: $31.53
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Cynthia Charles 1193 Articles
She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via [email protected]

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