Home CryptoCurrency News Solana Recaptures $30 Support; Here Is What To Expect Based On This Indicator
CryptoCurrency News - October 28, 2022

Solana Recaptures $30 Support; Here Is What To Expect Based On This Indicator

  • SOL’s price shows strength as it bounces from a downtrend range after losing its key Support to a region of $28.
  • SOL faces a major issue to hold above Support and trend higher above $34 after the price broke out of its downtrend descending triangle price movement.
  • SOL’s price remains strong on the daily timeframe below the 50 Exponential Moving Average (EMA) as the price aims for more rallies.

The price of Solana (SOL) bounced from its low at around $27.5 after losing its key Support and reclaiming this important region as the price of Solana (SOL) eyes more rallies if the market continues to look more promising. The past few days have seen the crypto market has looked more decent, with the likes of Bitcoin (BTC) and Ethereum (ETH) showing some great price movement in recent times. The SOL price rallied from $27 to a region of $31 as the price aims to perform better after looking at more of a range movement in recent times. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

In recent times, Solana has struggled to regain its bullish momentum; despite the uncertainty that has befallen the crypto space, the price of SOL hasn’t enjoyed a measure of relief following the fact it has many projects building on its ecosystem and its popularity to tip Ethereum in terms of use and transaction speed. 

SOL’s price had struggled to replicate its rally that took the price of SOL to an all-time high of $250 before it faced rejection to trend higher.

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After trading in a range for weeks as the price continued to look untradable with little to no volume pushing price higher as the price continued to look stagnated, SOL finally showed some movement, rallying from its weekly low of $27.5 after the price of SOL lost its key Support of $30 to a high of $31 with the market showing some great recovery signs. 

The price of SOL faces a difficult decision to rally to a high of $35, as this could trigger further upside movement to the $45 range. 

Weekly resistance for the price of SOL – $35.

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Weekly Support for the price of SOL – $30.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

In the daily timeframe, the price of SOL continues to trade narrowly above the key Support at $30 after the price lost this key Support as the price traded to a region of $27.5, breaking out below from its descending triangle.

The price of SOL needs to break and hold above $35 for the price to trend higher to a region of $45-$60, which is a key supply zone for most traders. 

The Fibonacci retracement (Fib) value of 23.6% indicates SOL price needs to break and hold above this region for the price to trade higher. The price of $32.5 corresponds to the Fib value of 23.6%. If the price of SOL closes above this level, we could see a rally to $35.

Daily resistance for the SOL price – $35.

Daily Support for the SOL price – $30.

Featured Image From Coinpedia, Charts From Tradingview

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