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Understanding the Future of Solana With This Technical Analysis Report

Solana, dubbed as the Etheruem Killer has fared well this week with and is currently trading in green. The asset witnessed a rise of around 1.5% in price in the last 7 days. Despite this the volume has fallen by 44% over the day and the asset at present trading range bound. Recently Solana Ventures and the Solana Foundation have created a fund of $100 mn to facilitate the growth of NFT, DeFi and blockchain gaming projects across South Korea. Sol token is attempting recovery but met with resistance.

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At the time of writing SOL is trading at $39.16.

Altcoin: Solana Chart | 09-06-2022

Solana has plunged almost by 75% from the recent high of $143 to $35.71. Post this move, the asset is trading in a ‘Descending Triangle’ pattern and is taking good support from  $37 to $35. Solana is facing stiff resistance at its 20 Day Moving Average. However, The RSI has formed a positive divergence.  Once a breakout occurs above the downsloping trendline and 20 Day Moving Average then we can expect a rally and the prices can surge up to $60 – $65 levels whereas a break below $35 can lead to further downfall and can slide to $30.

Support 2Support 1AssetResistance 1Resistance 2
$30$35SOL$50$65

Disclaimer: Investments in crypto viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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