SOL Price Analysis – August 3
The Solana price is seen rising with a soaring momentum as the coin keeps moving above the expected level.
Resistance levels: $40, $42, $44
Support levels: $27, $25, $23
SOL/USD is indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages within the channel. In the past few days, we have seen SOL moving at a high speed in the market. However, recently, the market is projecting a volatile movement where Solana is likely to follow a sideways movement.
SOL Price Analysis: SOL Price Aims Higher
According to the daily chart, the Solana price crosses above the upper boundary of the channel before retreating back to where it is currently trading. However, any fallback-formation below the 9-day and 21-day moving averages may bring the price to the support levels of $27, $25, and $23 after breaking below minor support at $30.
Moreover, considering a continuous upward trend for this pair, SOL/USD could once surge above the upper boundary of the channel to hit the resistance levels of $40, $42, and $44 in the long-term bullish. Therefore, the technical indicator Relative Strength Index (14) is looking bullish at the moment as the signal line prepares to cross above 60-level.
SOL/BTC Market: Solana Price Sets Higher Low
When compares with Bitcoin, the Solana (SOL) is seen trading below the 9-day and 21-day moving average within the descending channel where the price is expected to break above the upper boundary of the channel. However, should the price succeeds, then, it may continue an upward trend which could touch the potential resistance level of 1000 SAT and above.
On the contrary, if the SOL price crosses below the 9-day and 21-day moving averages, the coin is expected to touch the support at 780 SAT and below. Meanwhile, the technical indicator Relative Strength Index (14) confirms that the market may focus on the north to start giving more bullish signals as the signal line moves around 55-level.