Started by Bitcoin, Sep 13, 2022, 06:52 am
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Solana (SOL) develops bullish sentiments against tether (USDT), as the price of Solana (SOL) seeks to rise with an impending breakout above the current resistance. Bitcoin (BTC) gained significant strength after closing the weekly candle on a high note, with the price remaining above $21,700 for the first time in weeks. Most crypto assets, including Solana (SOL), have benefited from this, with the price aiming to break out. (Data from Binance)
The price of SOL has struggled to maintain its bullish momentum in recent months, as it was rejected from the $45 area, which was acting as a supply zone for most sellers.
Despite growing sentiment that the price of SOL will rise, SOL has struggled to regain its bullish momentum.
The weekly chart of SOL looks good, as the week ended bullish with more bullish sentiments. As the price of SOL cannot trend higher, it faces resistance to breaking above $38.
SOL must break above this level in order for its price to rise to $40 and possibly $45. For a better chance of trading higher, the price of SOL must break and hold above this resistance. If the price of SOL breaks out with significant volume, the price may rise. If the price of SOL fails, we could see a retest of $31, which would act as a good demand zone for a price sell-off.
The price of SOL appears to be rising as the market prepares for a relief rally.
Weekly resistance for the price of SOL – $38-$45.
Weekly support for the price of SOL – $31.
The daily timeframe for SOL prices appears bullish, with prices aiming to end the day on a high following a strong weekly candle close. SOL has recovered from a daily low and is attempting to break above the 50 Exponential Moving Average.
With good volume, the price of SOL would break above this region of $38, acting as resistance for the price of SOL to trend higher.
If the price of SOL fails to break above $38, it may retest the lower region of $31 in order to gather more volume for a possible rally above that price region.
On the daily timeframe, the price of SOL is currently trading at $37, holding above the 50 Exponential Moving Average (EMA). The price of $36 corresponds to the 50 EMA, which is a resistance to the price of SOL.
If the price of SOL flips the 50 EMA, a strong bullish price movement is assumed. If the price of SOL flips the 23.6% Fibonacci (Fib) retracement value, a higher price movement is assumed.
On the daily chart, the Relative Strength Index (RSI) for SOL is above 50, indicating high buy order volume.
Daily resistance for the SOL price – $45.
Daily support for the SOL price – $31.
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