Solana holds key support to avoid drowning, how long can this last?

The price of Solana (SOL) is volatile against Tether (USDT), causing more pain for hodlers. Despite showing such strength, the price of Solana (SOL) has increased from $30 to $45 in recent weeks, with many investors hoping for further rallies to $60. Solana (SOL) prices have declined and continue to decline significantly. (Data from Binance)

Solana (SOL) price analysis on the weekly chart

The price of SOL dropped from $250 to $30, representing a drop of more than 70% from its all-time high. After touching the weekly low of $32, the price of SOL rose to $45, showing great strength and showing a rally expected to return to $60, but the price was rejected.

On the weekly chart, the price of SOL formed a descending line, while it continued to respect this resistance line, the bearishness came out to continue the run. However, the price of SOL was rejected from the resistance of the trend shortly after, and could not break this trend.

SOL trades above $30 key support level; SOL price should stay above this level to avoid falling to $24-$20. With SOL price holding this support, we may be able to trade higher towards the $35 range. A break below $30 indicates a return to lower demand zones and bulls’ reluctance to enter buy orders as there will be more push for lower prices.

To sustain the bullish trend, the SOL price must break and hold above the trendline resistance that prevents the SOL price from trending higher. If the price of SOL continues to reject the trend resistance, the price may fall because there are more sell orders than buy orders.

Weekly resistance to SOL price – $45.

Weekly support for SOL cost – $30.

SOL price analysis on a daily (1D) chart

Daily SOL Price Chart | Source: SOLUSDT On

The price of SOL continues to deteriorate as the daily time frame prices enter the bottom, prices in one channel at $ 45 as resistance and $ 30 as support.

SOL price needs to break out of this range channel to restore hope and relief for most investors. A break and close below $30 would be bad for the SOL structure as the price would face further sell orders and panic. If SOL price breaks and closes above $45, we will see some relief towards the $60-$80 range.

SOL’s Relative Strength Index (RSI) is above 40 on the daily chart, indicating more sell order volume.

The daily cost of SOL is $45.

Daily support for SOL price – $30.

Featured Image From zipmex, Charts From Tradingview

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