Solana Price Analysis: Solana successfully tests the support zone of the bearish channel

• Solana price has been on a bearish channel on the daily chart for the last couple of months
• The coin has seen a bullish momentum after the testing of the support zone
• Volumes have been coming in well over the last two weeks

Solana Price has been on a bearish channel for the last couple of months on the daily chart. The coin has tested the support zone of the channel successfully and is on an upward journey toward the resistance zone. The coin has long-term support at $ 66.50 followed by $ 22.50. The coin looks set to continue in the current bearish channel over the next few trading sessions and traders can keep an eye for reversals as the coin reaches the resistance zone of the channel. The Bollinger bands have widened indicating uncertainty in price movement. The coin has long-term resistance at $ 260 which was tested during November last year. 

Solana Price has been trading in a range for the last week on the hourly chart. Having said that the coin has broken out of the range during early trading hours today. The coin is currently headed for the resistance at $ 110.00. The coin has seen heavy volumes as it broke out of the range between $ 87 and $ 100 earlier today. The coin looks to consolidate in the current zone and traders need to look out for indications as the coin reaches the resistance zone or the support at $ 100.00. 

Conclusion:

The coin has been on a bearish channel and has successfully tested the support zone of the channel. The coin since testing has been on a bullish momentum with increased volumes. Traders can keep an eye on the coin as it nears its resistance zone.

Support: $ 87

Resistance: $ 110

DISCLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish any financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.