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2 July 2022
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Solana Price Analysis: What if SOL regains its annual low again?


  • After registering a 2022 low of $37.37, Solana price makes another attempt to retest the $80 mark – important resistance.
  • Coming back to yesterday, the market cap lost nearly 7.7% worth of $17.2 billion in the last 24 hours.
  • Solana price with bitcoin pair is trading down 5.8% at 0.00175 satoshis.

The price of Solana is poised to rise near key resistance levels. While this rally may delight some traders, it will ultimately be a dead cat hoop. One that might surprise many investors off a surprise.

Source: SOL/USDT by Tradingview 

For the past 7 days, the bulls are barely trying to push the SOL price towards the upcoming crucial resistance level of $80. Despite the recovery, the bears continue to deny further upside momentum near the $60 mark (the most recent bullish barrier).

Yesterday’s bears broke the previous swing low with a decline of around 12.4%. But on the morning of the intraday trading session again SOL price seems to be rising. Meanwhile, it is trading at the $50.8 mark at the time of writing.

Although SOL investors don’t want to lose their hold, as of yesterday’s return, the market cap lost nearly 7.7% of its cost over the past 24 hours to $17.2 billion. Similarly, Solana‘s price with bitcoin pair is trading with a decline of 5.8% at the 0.00175 mark.

Volatility still exists this week, but traders saw a neutral trading volume at $1.8 billion last night. Nevertheless, important EMAs such as 20, 50, 100, and 200 are well above the SOL’s live price data.

The bulls are looking weak after seeing yesterday’s pullback 

Source: SOL/USDT by Tradingview 

In the context of the daily price chart, the SOL price is looking below the half-line of the Bollinger Bands indicator. Again the bulls have a good chance to push the SOL price above it.

Along with the sideways zone, the RSI is also showing sideways momentum at the 35 mark, after dipping into the oversold zone.

Conclusion

Solana investors are managing costs well above the yearly low but still the buying power is not enough for more bullish momentum.

Support level – $40 and $30

Resistance level – $60 and $100

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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