Solana Price Structure Analysis Over Daily Chart!

Jul 19

According to Tradingview, an all-time low was achieved by December 29th, 2022, where the low was $8.00.

Comparitively to that low, the current price, as of writing has traded more than 1900% higher on the daily chart. However, the all-time high was registered on November 6th, 2021, where the high was $260. Comparatively, the current price has traded nearly 37% lower than its ATH.

At press time, the Solana (SOL) price traded at $162.28, with an intraday advancement of 2%, nearly 17% of this week, and 32.5% over the past two weeks.

The SOL has been showing a strong demand zone of $120, and over time, it proved unbreachable, as, despite the bearish sentiment before, the support zone remained intact.

Over the broader picture, the price action appears to have formed a descending triangle, where the $120 support zone acted as a lower border, and dynamic trendline resistance acted as the upper border of the triangle.

Based on the bullish thrust, it's expected to reach $170, which seems to be the upper border resistance, the larger momentum could pierce the upper border, and the break out could pop out.

Where the price would retest the supply at $200, at first, and beyond this would run for recapturing the lost territories back.

Indicators Perspective Of Solana (SOL) Over Daily Chart!

As per the daily chart, the indicators mostly remain optimistic for its price, as the asset is showing bullishness and the rising potential price has jumped from 50-day and 200-day EMA's, and it remained above under the direct influence of the buyer's surge.

Meanwhile, the MACD has displayed a strong bullish crossover, with a growing histogram at 3.24, where the MACD line is at 4.29, and the signal line is at 1.04. The RSI is increasing gradually, signifying that the Solana asset is gaining traction and moving above a median line at 63.63.

Price Forecast Of Solana!
If the price keeps on bulging above, then the price could meet the interruptions at the $180.0 and $190.0 mark. On the contrary, if the price fails to jump, and breaks $155 support, then the price could reach $140, as well.