Solana price analysis: SOL consolidates around $32-$35, next direction unclear?
Over the past week, the price of SOL has been consolidating around a price of $32-35 on the markets. What this essentially means is that traders are holding off on moving their capital from the market, as they wait for a solid price level to buy or sell. At the same time, the willingness to sell is seen to have been strong enough to prevent the price from rising too far.
Solana coin (SOL) is a privacy coin that has a lot in common with Monero. It has an outstanding development team that has been delivering new features and improvements since the coin’s launch in July 2017. This coin has a clear roadmap and is currently in its early stages of development with some of the anticipated features, including Atomic Swaps and a Voting System.
Solana Network (SOL) traded as low as $10.65 in December after falling from the first half of 2017’s $20 highs. Since then, the price has consolidated around the $28 price level, before making a successful attempt at breaking down through $30. If it can sustain that gain, there is a possibility of another run up to $32-$34. A sustained break under $28 would lead to a further consolidation, possibly to $22, but it would be difficult for the price to hold above $26. Hope you enjoyed this blog post. Thanks for reading and see you next time.
Summary of the situation
SOL retested resistance at $35.5 over the weekend.
The closest support is at $32.
The next resistance target is $42.
Solana’s price analysis points to bearish momentum in the coming hours as resistance at $35.5 was tested for the second time. Therefore, we expect SOL/USD to retest $32 support today and price action will reveal where Solana goes next.
4 hours chart of SOL/USD. Source: TradingView
Solana’s overall price action has been in a downward dynamic over the past month. Since the last high at $44, SOL/USD has fallen more than 55% and retested support at $20.
From there, the SOL has risen in recent weeks, with the 50-period moving average initially offering some resistance. However, after a brief pullback, the SOL/USD price recovered and reached the next resistance zone around $35.5.
A week-long consolidation followed, with the previous level of $32 serving as support and $35.5 as resistance. So, once SOL/USD comes off one side, we will see where the market goes in the coming weeks, as it can go either way now.
If Solana breaks above $35.5, we can expect resistance around $42-44 to be tested next. If the $32 support holds, we can expect SOL/USD to move towards the $26 support and move lower in the coming weeks.
Solana Price Analysis: Supplement
The price analysis for Solana is bearish as the market is not ready to go higher and has turned lower in the last few hours. Therefore, we expect SOL/USD to attempt to break above $32 in the coming hours.
In anticipation of the SOL/USD drop, read our guides on the benefits of DeFi, bitcoin commissions and what to buy with bitcoin.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Solana is a new blockchain platform and cryptocurrency combined. How does it work? It’s about as simple as it gets: Solana is intended to be a platform for businesses to build dApps. DApps are decentralized applications that run on a blockchain. Solana platform will be used as a framework to build Solana-based decentralized applications.. Read more about solana price chart and let us know what you think.
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