Solana, also known as the Etheruem Killer, has done well this week and is currently trading green. In the past 7 days, the asset has seen a price increase of approximately 1.5%. The asset is trading within its current range, despite the fact that the volume has dropped by 44% in the last 7 days. Solana Ventures, the Solana Foundation and Solana Ventures have recently created a fund worth $100 million to support the growth of NFT and DeFi projects in South Korea. Sol token is trying to recover but has met resistance.
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SOL trades at $39.16 as of the writing.
Solana plunged by almost 75% from its recent high of $143, to $35.71. The asset trades in a Descending Triangle’ pattern after this move and is receiving good support from $37- $35. Solana faces stiff resistance at its 20-Day Moving Average. The RSI is showing a positive divergence. If the breakout happens above the downsloping trendline or 20-day Moving Average, then prices can rise up to $60-$65. A break below $35 could lead to further decline and may slide to $30.
Support 2Support 1AssetResistance1Resistance 2$30$35SOL$50$65
Disclaimer: Cryptoviz. investments are not allowed. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
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