Solana (SOL) made its ALL TIME HIGH at the price of $58.80. The coin has had a massive run in the past before failing to create a higher high. Currently, SOL coin is being traded at a price of $41.53. The coin has had a decrease of 2.99% in the last 24 hours and a total increase of 12.53% in the last 7 days. Volume has increased by 5.65% in the last day. The coin has a market dominance of 0.63% and is ranked 12 on CoinMarketcap.
Solana (SOL) Coin Technical Analysis
The coin rallied from around $22 and started printing green candles. SOL coin consolidated for a little time around $33. During this time the reversal of the market wasn’t confirmed on the daily time frame. But when it broke the line and moved upwards the reversal on a higher time frame was confirmed. The coin broke the structure at $37 and moved upwards to test at $43.7. SOL coin has a current resistance at $44.2. The coin has tried to test the zone in the last two days but failed to trip it.
1 Hour Time Frame
For further details, 1-hour time frame can be looked it. Notice that the price has been ranging in an ascending wedge. To study whether SOLcoin can be moving upwards or not we can look at if the coin broke the line or not. Confirmation came when a red candle was printed showing the sign of reversal on a lower time frame indicating that the coin may drop and retrace. Confluences come from the fact that the SOL coin has had a run and needs to breathe before continuing a leg up. Currently moving to print a Lower High. If it is formed, it can be expected to drop around $39.3 or $38. If this case prevails averaging can be used to enter the market. In a more bullish case, the rally can continue up to around $44 where a major resistance zone is in place. The price may respect the zone and show a pullback from it. The second resistance zone is at $49.
Tips for Entries
Remember to take profits all along and to set stop losses as well. Entry should always be after additional confluences. To avoid maximum risk, look for lower time frames and decide. Always have a backup plan. FOMO’ing isn’t something that is encouraged. Always have patience when trading.
Leave a Reply