Solana to Break Through $40 - Good Opportunity to Go Long for $45 Target

Solana to Break Through $40 – Good Opportunity to Go Long for $45 Target

Posted Monday, August 8, 2022 by
Skerdian Meta • 2 min read

Solana’s price has been moving sideways as the altcoin has been unable to break through the $40 barrier. The altcoin recently took a hit after thousands of wallets emptied of their assets due to an exploit. The most recent exploit allowed hackers to drain funds by utilizing private keys. Solana’s value plummeted to $38 following the network attack. Solana’s pricing has now been frozen at $40.

The coin’s current support level is $40; if it fails to hold above that level, SOL/USD might fall to $36. BITCOIN has also been consolidating at the $23,000 mark following a modest drop on its chart during the last two days. Altcoins have also been affected similarly.

In the instance of Solana, the coin’s purchasing power has declined due to the current disaster. Fortunately, only a small number of wallets were affected, and the Solana Network was unaffected. The worldwide cryptocurrency market worth was $1.14 trillion today, down 0.4 percent in the last 24 hours.


Solana (SOL/USD) Technical Outlook

At the time of writing, SOL was trading at $40.2. Unfortunately, the coin has yet to recover from the correction after it passed the $46 price barrier. The sudden loss of funds from several accounts has hampered Solana’s recovery. The coin’s overhead barrier was at $41, but Solana’s price will be able to disprove the negative thesis if it can revisit and maintain above the $46 price line.

On the other hand, Solana’s price support was at $36. A drop from $36 will reduce the asset to $34. As a result, the volume of Solana traded in the previous session fell marginally, indicating a decrease in selling strength. On the other hand, if the Solana price continues to fall, the altcoin will shortly trade below the rising triangle, indicating bearishness.

The altcoin had a drop in buying pressure as Solana holders rushed to sell the coin owing to. The assault is over. However, in recent trading sessions, the coin has shown a surge in buying strength. At the time of writing, the Relative Strength Index was spotted advancing over the half-line, indicating that buyers were outnumbering sellers. Solana’s price was also noted above the 20-SMA line, indicating that buyers were driving the market’s upward momentum.

This could indicate that the coin’s price is rising. If buyers maintain their market stance, SOL could burst its consolidation soon. On the chart, SOL’s technical outlook indicated bullishness. Convergence of Moving Averages Divergence (MACD) indicated the price momentum and trend change. Following a bullish crossover, MACD displayed green histograms.

A break above $41.65 leads Solana towards the next resistance area of $45.30. Let’s keep an eye for a bullish entry. Good luck!

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