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Solana (SOL) has struggled to keep Momentum After a rally that saw it peaks around the level of $ 183 on 14 May. Since then, the Solana price campaign has not given a clear direction in the 4-hour graph, with the cryptocurrency withdrew to withdraw an important support zone near $ 166.
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At the time of writing, Solana trades around $ 169.43, an increase of 0.70% in the day, because it tries to defend this crucial level of support and to lay a foundation for a new upward move. Interesting is that a technical prospect on the TradingView platform have pointed to the paths that Solana could take in the coming days.
$ 166 support has repeated tests, break above $ 177 or $ 183 will be Bullish
According to A recent analysis posted Through TradecityPro on TradingView, the level of $ 166.82 serves as an important Pivot for Solana in the short term. After a bullish leg that started at $ 142.25 and extended to $ 177.51, it actively experienced one fake outbreak attempt Beyond that resistance and was quickly rejected at $ 183.86.
This rejection reduced the price below $ 177.51 and in a retest of the region of $ 166.82. In particular, this level of support has been tested twice so far and has held it. The 4-hour graph shows strong bullish candles that form around $ 166, which is an indication of a strong purchase interest rate at this price level.
If you keep this in mind, an outbreak above the resistance of $ 177.51 or $ 183.86 would be for a long position, especially if accompanied by the formation of a higher low and higher high high.
Until such an outbreak occurs, the current attitude is one of indecision. A successful infringement and daily close to $ 177 supported by increasing volume would probably be Set the stage for a new movement On the way to the region from $ 190 to $ 200 for Solana.
Short trade also valid under the $ 166 support zone
Market volume, however refused of last week’s levels. At the time of writing, the 24-hour trade volume of Solana is $ 2.3 billion, a decrease of 36.15% compared to the previous 24-hour timetable. As such, a new wave of Momentum will be needed to drive Solana via the resistance levels at $ 177 and $ 183.
For the time being, the Solana price is consolidated tightly above $ 166 and not holding this level can open the door for a retest of the deeper support of $ 142.25.
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If bears get control and pushing the price lower, the following considerable demand zone is back to $ 142.25, which is the point of origin of the previous bullish. In view of how the price reacted earlier on April 30 and on 6 May of this level, it is expected that it will again act as a strong support if it is tested.
At the time of writing, Solana acts for $ 171. With 1.6% in the last 24 hours.
Featured image of Unsplash, graph of TradingView