Now that the crypto market is recovering a bit, it is good to look again at Solana’s main support and resistance points. The next point seems to be very high – around $216 – but will that work in the short term? Let’s look at the graphs.
How is SOL doing?
We’ll start this analysis with a look at the weekly chart. Here each candle represents 7 days, which allows us to look far back into the price history. This is important to analyze the strongest price levels. In the image below these are shown as blue zones.
The upper zone starts at $216, and the zone below starts at around $140. Solana is currently trading between these and is trading at a price of $157. The coin landed here after finding support at the lower zone.
As you can see, the coin ended up there after an initial attempt to reach $216. Unfortunately, this attempt failed due to a declining Bitcoin. The market leader thus pulled down the entire altcoin market and SOL was no exception.
Fortunately, the coin was then able to find support in the lower blue zone. The currency fell exactly to the bottom of the zone, after which the currency was bought up heavily. This resulted in the increase we are currently seeing.
Uptrend intact
If the currency continues like this, it looks like SOL is heading towards $210 again. This would be very positive as the coin could then attempt to break its all-time high of around $260. We will discuss this using the 4-hour chart below. There we can see the past price action in more detail.
As you can see, the coin is on an upward trend. This is characterized by increasingly higher heights and increasingly higher lows (shown with the orange arcs). As long as this trend is not broken, the future looks very bright for Solana.
The coin currently appears to have made a higher low at the location of the lower blue zone, and this is very positive. If the uptrend is to be believed, this means the coin is on its way to making a new higher high.
This would mean that the coin would have to go past its previous high of $210. And this then brings the coin to the blue zone of $216. It would be logical that the currency will experience some resistance here, but a break from this zone is also not excluded.
It is still a long way off, but when that upper blue zone breaks, it will be a party for Solana holders. In that case, the coin will be able to make a new all-time high. Let’s first hope that the upward trend is not broken, but it is not wrong to dream a little.
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