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Solana SOL Price Analysis: SOLUSDT Trades within a rising intraday price channel and ready to set new ATH

By

Achal Arya

Published 17 mins ago Updated 10 mins ago

Altcoins quickly make for a bullish comeback after a drop in Bitcoin dominance for three days in a row.

Solana maintains its upward trajectory as a native high-performance Blockchain platform. There are speculations of further price extensions into new highs in the coming days following the recent news, added features, and launchings. 

For instance, the exchange platform OKEx enabled the deposit and withdrawal for USDT and USDC via Solana. Secondly, with the launching of the Solana staking protocol, Marinade finance brought in many investors and traders in the direction of $Sol.

The number six cryptocurrency by market cap struggles to breach the $215.00 round-number resistance at press time.

Let’s analyze the SOLUSDT price charts for insights into the technical levels and chart patterns driving the SOL price.

Solana SOL Weekly Chart Analysis

Solana

Rising RSI values since 04 January ’21 reveal that the price of the SOL token that’s native to the Solana ecosystem stays in a sound uptrend recording about 5500% gains for SOL token holders.

Buying pressure intensifies even in the face of the all-round crypto wide market cap slump and bearish divergence on 06 September ’21.

A second bearish divergence is in the works, and it’s expected to form after the SOLUSDT sets a new ATH.

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Solana SOL Daily Chart Analysis

Solana chart
Source: Tradingview

The daily chart above shows the SOLUSDT finding support at $116.00 and hidden bullish divergence showing that trend is returned to the bulls. 

Buying pressure drove the SOL crypto-asset a few percentage points shy of the all-time high as the SOL price shows a slowing of price momentum around the ATH.

Let’s view the 4HR time frame. 

Solana SOL 4HR Chart Analysis

Solana

A final view from the intraday 4HR time frame shows the SOLUSDT in successive rising channels starting from the hidden bullish divergence on 11 Oct 16:00 and the most recent channel formed by opposite bearish and bullish divergence at press time.

The bears could take over the intraday trend direction if the SOL price can slip below the $192.00 support. However, the RSI readings from the weekly time frame shows that daily and intraday RSI readings below level-25 will only signal more demand for the SOL altcoin.

Solana SOL Intraday Levels

  • Spot rate: 194.50
  • Mid–Term Trend [H4]: Bullish
  • Volatility: High
  • Support: $192.00, $178.26, $153.06, $137.61
  • Resistance: $215.10
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/solana-sol-price-analysis-solusdt-trades/

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