Analytics

SOL Technical Analysis: Price Above the Fibonacci Pivot Point of $27.97

Solana is a robust blockchain platform that facilitates the creation of highly scalable decentralized apps for global adoption. It is a speedy, safe, composable, cost-efficient, and censorship-resistant network. SOL is the customized token of this ecosystem. The following SOL technical analysis will predict the price trends for the next two days:

Past Performance

On Jul 17, 2021, SOL opened at $26.25. On Jul 23, 2021, SOL closed at $28.51. Thus, in the past week, the SOL price has increased by roughly 9%. In the last 24 hours, SOL has traded between $26.43-$28.97.

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Day-Ahead and Tomorrow

Currently, SOL is trading at $28.74. The price has increased slightly from the day’s opening price of $28.51. Thus, the market seems bullish.

The MACD and signal lines have turned negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Hence, we can expect an intermittent price rise amidst a bearish trend.

Currently, the RSI indicator is at 48%. It faced rejection at 55% and fell to the current level. Hence, selling pressures are high. High selling activity will exert downward pressure on the price.

The OBV indicator is also upward sloping. Thus, buying volumes are higher than selling volumes. Hence, the price may rise further.

In short, when we look at all three oscillators together, we can say that currently, the overall market momentum is negative. However, we have to wait and watch if the intermittent price rises are market corrective action or the beginning of a trend reversal.

SOL Technical Analysis

Currently, the price is above the Fibonacci pivot point of $27.97. The price may soon fall below it and further below the first support level of $27. Thereafter, we have to wait and watch if the price continues to fall or starts rising again.

The price may soon fall below the 23.6% FIB retracement level of $28.37. It may further fall below the 38.2% FIB retracement level of $28. If by day close, the price retests and breaks out of these levels, a price uptrend has probably set in. In that case, the price upswing may continue tomorrow as well.

   

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