Solana Technical Analysis Report | 27th-July-2023

The recent market dip had an impact on Solana’s SOL token, which was facing resistance at the $20 level at the beginning of the month. Furthermore, following the recent favourable outcome of the XRP case, where the U.S. judge ruled in favour of Ripple Labs Inc., Solana’s value surged by 36.61%. This significant increase in value pushed the project’s price beyond its pre-June crash levels. Despite slipping below the 20-day exponential moving average (EMA) at $23.80 on July 24 and reaching close to the support level at $22.30 on July 25, the bulls stepped in and bought the dip. As a result, they successfully pushed the price back above the 20-day EMA on July 26, signalling a potential recovery in the short term.

At the time of writing, SOL was trading at $25.15.

Solana Daily Chart-27th July 2023
Solana (SOL) Chart

SOL after making the low of $12.8 witnessed a sharp recovery and the price surged almost by 151% and rallied up to $32.13. Post this move, the asset saw some profit bookings at the highs, and the price dropped to $22.73. SOL has taken support at its 200-Day Moving Average and has made a ‘Morning Star’ pattern. However, $25.5 and $35 will act as strong resistance levels and to further rally, it needs to break, close and sustain above these levels whereas $22.5 and $18.5 will act as strong supports for the asset.

Key Levels:

  Support 2Support 1AssetResistance 1Resistance 2

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