Solana Fails at $60 as Bears Prevent Any Further Upside (SOL Price Analysis)
Solana had a very good try at breaking above $60, however the market momentum was in opposition to it.
Key Support ranges: $44
Key Resistance ranges: $57, $78
Solana tried to rally after reaching the help at $44 and gained over 50%, reaching the important thing resistance at $57. However, at that time, sellers intervened and prevented any additional upside momentum, pushing the worth again to the decrease $50s. If patrons can’t get well from this quickly, SOL may finish again on the important thing help.
Technical Indicators
Trading Volume: Similar to a lot of the market, SOL’s quantity stays low after spiking through the crash on May twelfth.
RSI: The every day RSI managed to depart the oversold space at 30 factors however now struggles to proceed upwards. A failure right here may ship the RSI again underneath 30 factors.
MACD: The every day MACD stays bearish whereas the histogram is making increased lows. Buyers really want to step up as in any other case, they may lose management of the worth once more.
Bias
The bias for SOL is impartial. The cryptocurrency seems to be caught in a spread between $44 and $57.
Short-Term Prediction for SOL Price
While Solana’s worth is present in a spread, that is unlikely to final since market forces appear extra prone to push it out of this space a technique or one other. Unless patrons come again, SOL may retest the $44 help degree based mostly on the present indicators.
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