Will Solana Crypto (SOL) Resume Uptrend After Finding Support? - Forex News by FX Leaders
The 100 SMA is holding Solana after the retreat

Will Solana Crypto (SOL) Resume Uptrend After Finding Support?

Posted Monday, April 11, 2022 by
Skerdian Meta • 2 min read

Cryptocurrencies were displaying bullish pressure last month, after they stopped making new lows in January, which was a good sign to start with. But last week we saw a reversal lower, suggesting that buyers are still not confident enough. Although, Solana crypto has stopped declining in the last several days with the 100 SMA (green) turning into support on the daily chart.

Solana was declining after reaching the all-time high at $260 on November 6. The downward movement led to a low price of $75.35 in February, where a support zone formed around that area. During the bullish momentum in the second half of last year, Solana was forming support after support as the price was moving higher, then these support levels were broken one after another, with the 50 SMA (yellow) acting as resistance on the daily chart.

Solana Daily Chart – The 100 SMA Holding As Support for SOL

The retreat seems complete after the rejection at the 200 SMA 

Solana Coin SOL Live Chart 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments