10 MARCH 2022 | ZebPay Trade-Desk
Solana is down ~15% week on week and is down 4.5% over the past 24 hours. The market cap is around $43bn. The asset beats its crucial support at $81, bounced from there on, resulting in a positive shift in the RSI, indicating that the selling pressure is reducing.
At the time of writing Solana is trading at $84.25.
Solana is trading in a ‘Descending Triangle’ pattern. The asset after taking multiple support at $80 has shown good signs of recovery. However, the bulls have failed to breach the key resistance of $105. Once the resistance is broken with good volumes then we can expect the prices to further rally up to $121 whereas a break below $80 will lead to further downfall and the prices can slide to $65.
Support 2Support 1AssetResistance 1Resistance 2$66$80SOL$105$121
Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.