Solana is up by almost 100% from its recent bottom of $95 and saw a strong bullish momentum in the previous trading session, outperforming other major altcoins. But currently, due to the crypto market sell-off in the last hour, it is trading lower.
At the time of writing, Solana is trading at $175.9, up by 0.24%, in the past 24 hours. Along with this price increase, the total market cap of Solana reached $92.45 billion, with a 24-hour trading volume of $7.51 billion.
In this overview, we will analyse the key technical levels and trend directions for Solana to monitor in the upcoming trading sessions. The chart mentioned below is based on the 15-minute timeframe.
Solana Chart Analysis & SOLUSD Price Action.
After a strong bullish rally, Solana had a sharp fall and is currently trading at $175.9. If the price manages to break the first level of support at $173.2, we can see a bearish trend. The next level of support is observed at $169..15. If the price fails to hold this level, we can observe a free fall to the next support to $164.4.
On the upside movements, we can observe key resistance levels at $180.18, $185.36 and $187.7. If price manages to break the first resistance levels, we can observe further price movements to the next resistance levels.
In Closing
Currently, Solana is expecting a sideways movement as the crypto market is weak, and in the near term, a decent bullish run can be expected.
If the price of the cryptocurrency successfully breaks through these resistance levels, we can anticipate a stronger upward trend to a sideways trend in the upcoming trading sessions. However, if the resistance levels remain intact, the market may shift into a bearish trading session.
Traders should consider these key support and resistance levels to enter long or short positions following the price break from the key levels. Also, traders can combine moving averages for more accurate entry and exit points.
