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Solana Price Analysis: SOL/USD to break above the daily resistance of $220

Solana price analysis

TL;DR Breakdown

  • Solana price analysis is bullish today.
  • SOL/USD is presently at $214.
  • next resistance at $220.

The technical indicators favor a bullish Solana price prediction today, as we anticipate further improvement after the $190 support prevented further decline overnight. Next up is the $220 resistance.

As we can see today, SOL/USD is presently trading at $214, up 2% since yesterday. Having tested the $190 support level yet again, buyers took control resulting in an increase above $215 followed by a high volume break above the $220 resistance zone in a convincing way. As a result of today’s rise in value past the prevailing trend line, we can safely assume that the price is now in an upwards trend.

While there is a strong likelihood of a downwards price swing in the coming weeks and months, it appears that there is clear upside potential now with resistance at $220, which has recently been tested successfully. As such, we anticipate further improvement after the $190 support prevented further decline overnight. Next up is the $220 resistance.

We can see that today, SOL/USD is trading at $214, up 1% since this time yesterday, and having tested the $190 support level yet again, buyers took control, increasing from $215, followed by a high volume break above $220 resistance zone in a convincing way. As a result of today’s rise in value past the prevailing trend line, we can safely assume that the price is now in an upwards trend and trading within an ascending channel on the daily chart.

SOL/USD 4-hour chart: SOL to test $220 resistance next?

On the 4-hour chart, we can see that Solana prices have been rising this morning, most likely resulting in a test of $220 resistance.

Solana Price Analysis: SOL/USD to break above the daily resistance of $220 1
SOL/USD 4-hour chart. Source: TradingView

Over the previous weeks, Solana price action has seen a lot of selling returns. A substantial rise began in November and culminated in a new all-time high of $260.

The pair then retraced to the $210 level and bounced. A week later, it reached the $220 mark before falling back. The fall accelerated after a modest increase on November 13th, pushing the price down to the $220 mark. Support was initially keeping further losses at bay, resulting in a little consolidation.

However, on Saturday afternoon, the price of Solana dropped significantly after breaking below its 61.8% Fibonacci retracement level. This was immediately followed by a more significant break lower, bringing the Solana price to $190. A minor reaction up followed, with the swing low re-tested overnight. SOL/USD should see a higher reaction as further downside could not be ruled out; the closest support is $210.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish today, and we anticipate further gains following the $190 support broke and stopped additional selling. As a result, SOL/USD should next attempt to revisit the closest resistance at $220.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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