Solana (SOL) technical analysis:
Trade setup: Price has been in a Downtrend, making Lower Lows and Lower Highs, sign of Downtrend. Recently, it bounced off of $10 support with strong volume but it needs to break above $15 level to make a Higher High, a potential sign of trend reversal. With its strongest backer, FTX, now insolvent, Solana may find it difficult to fund the growth of its ecosystem of project building on top of Solana. Recently, two of its biggest NFT projects announced they were moving away from Solana. Other Solana-based DeFi protocols are also struggling.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $10. The nearest Resistance Zone is $25 – $30, then $45.
Trade setup: Price has been in a Downtrend, making Lower Lows and Lower Highs, sign of Downtrend. Recently, it bounced off of $10 support with strong volume but it needs to break above $15 level to make a Higher High, a potential sign of trend reversal. With its strongest backer, FTX, now insolvent, Solana may find it difficult to fund the growth of its ecosystem of project building on top of Solana. Recently, two of its biggest NFT projects announced they were moving away from Solana. Other Solana-based DeFi protocols are also struggling.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $10. The nearest Resistance Zone is $25 – $30, then $45.
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