Solana Price Analysis: After Breaking Above $70, Those Are the Next Possible Targets for SOL

2021-09-03 23:50:34 Primitive Reading

SOL/USD – SOL Sets New ATHs Above $58

Key Support Levels: $65, $58.50, $55, $50, $42.40.
Key Resistance Levels: $75, $77.70, $87.15, $90, $96.80, $100.

SOL exploded this week as it surged by an impressive 90% over the period. The coin rebounded from the 200-day MA support around $24.50 during the second half of July and went on to break above a symmetrical triangle pattern at the end of the month as it climbed toward $40.

In the first week of August, SOL continued higher above the 100-day MA and surged past $40 to hut $45 last week.

On Sunday, SOL started to go higher as it hit $55. It continued beyond the previous $58.50 ATH yesterday to reach $69 and surged above $70 today to set the new ATH at $75.

SOL/USD Daily Chart. Source: TradingView.

SOL-USD Short Term Price Prediction

Looking ahead, if the buyers break the $75 ATH again, the first resistance lies at $77.70 (1.414 Fib Extension). This is followed by $87.15 (1.618 Fib Extension), $90, $96.80 (1.414 Fib Extension), and $100.

Beyond $100, additional resistance is expected at $107 (1.618 Fib Extension).

On the other side, the first support lies at $65. This is followed by $58.50 (previous ATH), $55 (.382 Fib), $50 (.5 Fib), and $42.40 (.618 Fib & 20-day MA).

As expected, the daily RSI is in highly overbought conditions after the exponential growth. This indicates the buyers might be a little overextended.

SOL/BTC – Bulls Set New ATH Above 0.0016 BTC.

Key Support Levels: 0.00145 BTC, 0.00131 BTC, 0.00116 BTC.
Key Resistance Levels: 0.0016 BTC, 0.00173 BTC, 0.0018 BTC.

SOL is also performing very well against BTC after setting a new ATH price above 0.0016 BTC today. The coin rebounded from 0.0007 BTC at the end of July and started to battle to break the 100-day MA in the first half of August.

The break above the 100-day MA came last week as SOL also broke above a descending trend line. The previous ATH at 0.00131 BTC was broken yesterday as SOL soared above 0.0014 BTC. It continued further to set the new ATH above 0.0016 BTC today.

SOL/BTC Daily Chart. Source: TradingView.

SOL-BTC Short Term Price Prediction

Moving forward, the first resistance lies at 0.0016 BTC. This is followed by 0.00173 BTC (1.618 Fib Extension), 0.0018 BTC, 0.0019 BTC (1.272 Fib Extension), and 0.002 BTC.

On the other side, the first strong support lies at 0.00145 BTC. This is followed by 0.00131 BTC (previous ATH), 0.00116 BTC (.5 Fib), and 0.00105 BTC (.618 Fib).

Again, the daily RSI is in extremely overbought conditions as the bulls totally dominate the market momentum.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.