Solana Forms A Bilateral Signal For Traders, Will Price Hold Above $30?

• SOL price continues to trend downwards as price remains bearish with price trading on key support. 
• SOL trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs. 
• The price of SOL needs to break and hold above the key resistance of $45 to resume bullish price movement. 

The price of Solana (SOL) continues to struggle to discover its bullish trend as the price fails to break the key resistance of $35 against tether (USDT). The previous weeks saw the crypto market cap as good as Bitcoin (BTC) prices and other crypto assets. Still, the price of Solana (SOL) saw some bullish signs but has struggled as the new week looks more bearish than in previous times. (Data from Binance) 

Solana (SOL) Price Analysis On The Weekly Chart.

Despite showing some great price movement in recent weeks with so many traders and investors becoming interested in the price movement of SOL ahead of this month, the price has seen less of a bullish movement as its price continues to struggle to hold above $30.

After the price of SOL dropped to a weekly low of $30, the price rallied from this low to a high of $45, where the price faced resistance to breaking above this region to a height of $55 as the price was rejected and has since maintained a bearish price movement.

The price of SOL bounced from $30 haven faced rejection from $35, but the price could not trend higher as the price continued to trend in a downtrend. If the price of SOL continues in this trend, we could see the price retesting support area at $24 and possibly a lower region for the support price. SOL’s price has held pretty well, considering how uncertain the market has been lately.

Weekly resistance for the price of SOL – $40.

Weekly support for the price of SOL – $30.

Price Analysis Of SOL On The Daily (1D) Chart
Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

In the daily timeframe, the price of SOL continues to trade above key support formed in recent weeks when the price dropped from a region of $45 to a daily low of $30. 

The price of SOL continued in its downtrend, moving in a range as the price has formed a descending triangle with what looks like a break out to the upside could be imminent.

The price of SOL needs to rally away from key support to avoid price dropping to a low of $24-$20 if the price breaks to the downside of the descending triangle. A break in price to the upside could mean a retest of the $40-$45 region, creating mixed feelings for traders.

Daily resistance for the SOL price – $45.

Daily support for the SOL price – $30.

Featured Image From zipmex, Charts From Tradingview