Solana (SOL) Price Analysis – August 20
The Solana (SOL) clears the local resistance at $75 as the recovery may be extended above the $80 resistance level.
SOL/USD Market
Key Levels:
Resistance levels: $95, $100, $105
Support levels: $60, $55, $50
SOL/USD keeps following an uptrend in the market movement, hovering above the 9-day and 21-day moving averages around the upper boundary of the channel. Since a few days ago, traders have seen Solana moving at a high speed in the market. Moreover, the market is recently projecting a volatile movement where SOL/USD is spotted following a bullish movement moderately.
Solana (SOL) Price Analysis: Solana (SOL) May Surge to a New High
Looking at the daily chart, the Solana price is aiming as the coin prepares to create more highs. On the contrary, a fallback below the upper boundary of the channel could bring the price to the support levels of $60, $55, and $50 respectively.
However, considering a continuous upward trend for this coin, SOL/USD could surge above the upper boundary of the channel and move towards the resistance levels of $95, $100, and $105 on a long-term bullish. Therefore, the technical indicator Relative Strength Index (14) is looking bullish at the moment as the signal line remains within the overbought region.
SOL/BTC Market: Solana Price Heads Upward
Against Bitcoin, the Solana price is trading well above the 9-day and 21-day moving averages at 1605 SAT. However, if SOL/BTC makes a cross above the upper boundary of the channel, the market may continue to experience a bullish movement. On the upward trend, any additional bullish movement may push the market to the resistance level of 1800 SAT and above.
In other words, if the market drops toward the 9-day and 21-day moving averages, the next key supports could be located at 1400 SAT and below. Nevertheless, the technical indicator Relative Strength Index (14) reveals that the market may continue the uptrend if the signal line remains within the overbought regions.
