Solana (SOL): Cryptocurrency continues to search for bottom

• Course (SOL): $52.21 (previous week: $48.95)
• Resistances/Goals: $58.49, $66.57, $75.30, $83.13, $95.08/100.26, $110.65, $123.24, $142.52
• Supports: $44.37, $37.30, $32.86, $26.61, $22.27, $18.97

Solana (SOL) forecast

• In the course of the sell-off in the previous week, Solana slipped to a new, distinctive low for the year at USD 37.30 and bounced off the old breakout level from August of the previous year.
• As a result, SOL price rallied to the key resistance at $58.49 before investors reversed again.
• At the time of this analysis, Solana is again trading in the area of ​​the higher-level 38 Fibonacci retracement and thus around 50 percentage points lower than in the last price analysis on April 11, 2022.

• Solana is in good company with this, all ecosystem coins have corrected by 80 and more percentage points in the last trading months.
• Similar to Bitcoin (BTC), technical indicators have entered oversold territory in the major timeframes
• The chart-technical basis for a countermovement is thus given.
• However, as long as the SOL price trades below the supertrend at $75.69, the bears remain in control. However, depending on the development on the global financial markets, lower prices in the next few months cannot be ruled out either.

Bullish Variant (Solana)

• The Sol price tried to recapture the important price mark at USD 58.49 in the last few trading days, but failed again and again.
• First if Solana stabilizes above it as of the daily closing price, there is further upside potential towards USD 66.57.
• However, in order to regain their old strength in the medium term, the bulls must target and overcome the multiple resistance at USD 75.30.
• In addition to the strong horizontal resistance, the zone also contains the supertrend and the EMA50 (orange).

More course potential possible

• Only when the yellow zone is jumped over for a long time does the chart brighten further and the area between USD 95.08 and USD 100.26 comes into the focus of investors. This is also where the golden pocket of the overall price movement runs. Since the EMA200 (blue) also runs just above it, a rebound in this area is to be expected in the first attempt.
• If the buyer side can also break through this resistance cluster in the medium term, the orange zone between USD 110.65 and USD 123.24 will be activated as a potential target area.
• Again, profit-taking is to be planned first.
• In order to generate further upside potential in the future, the bulls must do everything they can to break the USD 131.42 mark. Only then does the historical high of USD 142.52 come into focus as the maximum target range for the coming weeks.
• Looking at the current chart, a direct attack on the upper edge of the blue resistance zone at USD 160.96 is not to be expected for the time being.

Bearish Variant (Solana)

• The bears have recently done a great job and sold Solana’s price down to the breakout level of August last year at USD 37.30.
• It was only here that the first courageous investors came back into the market and stabilized the SOL price in the days that followed. So far, however, the seller has successfully fended off a recapture of USD 58.49. Even if Solana marches through to USD 75.30 in the short term, the bears could already initiate a new downward movement here.
• A first indication of weakness would be a relapse below the 38 Fibonacci retracement at USD 51.50. If the SOL price then falls further and USD 44.37 does not provide any support either, the gray zone between USD 37.30 is a retest and budget for $32.86.

Solana: Off To New Historical Lows?

• If the bulls remain abstinent, the probability of a further trend extension up to USD 26.61 increases.
• Again, increased resistance from the bull camp is to be planned here.
• Should this area be abandoned in the course of an ongoing overall market correction, the maximum target area on the downside between USD 22.27 and USD 18.97 will come into the sights of the sellers.
• Reaching this support area should also be the final goal of the seller in the short term.
• This support level also represents an interesting entry area for the bulls. Investors courageously grabbed this support zone as early as summer 2021.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are merely an assessment by the analyst.

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.95.