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SOL Crashes 7% in 24 Hours, But Bullish Hopes Remain (Solana Price Analaysis)

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Solana made a higher high, and then the price quickly reversed course.

Key Support levels: $35, $27

Key Resistance levels: $44, $59

After a sustained rally that took SOL’s price above the ascending triangle, bears took over the market and pushed the cryptocurrency back under the key resistance at $44, where the bulls failed to step up and lost the level. For this reason, the next key support is now found at $35.

Chart by TradingView

Technical Indicators

Trading Volume: The volume turned red in the past two days. Nevertheless, the selling volume is low, and bulls may retake control soon.

RSI: The daily RSI exploded higher earlier this week but now quickly reversed towards 50 points. As long as the RSI stays above 50 points, SOL can continue up.

MACD: The daily MACD is bullish. Even if the buying momentum faded a bit, Solana seems positioned to explore higher levels.

SOLUSDT_2022-07-21_12-00-48
Chart by TradingView

Bias

The short-term bias for SOL is bullish.

Short-Term Prediction for SOL Price

Despite this correction, Solana managed to make a higher high, and if buyers return, then SOL’s price could move much higher in the coming week. If the $44 resistance falls again, then bulls can target $59. As long as the critical support at $35 holds, Solana remains in an uptrend.

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Cryptocurrency charts by TradingView.

Credit: Source link

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