SOL/USD: Solana Approaches Crucial Resistance as Gains Build – 24 March 2022
SOL/USD has built an incremental climb higher and values are approaching critical resistance levels, which if challenged could spark speculative buying.
SOL/USD is trading near the 97.0000 juncture as of this morning. It has climbed to this high last seen on the 3rd of March with an incremental result. SOL/USD did trade near the 89.0000 ratio yesterday when it reversed lower, but importantly support held at this level and buying has shown muscle as support levels have increased recently. Speculators may be brushing off the nervousness that has shadowed them as they glance at technical charts, and see that SOL/USD was trading near 78.0000 on the 15th of March.
SOL/USD is closing in on intriguing resistance levels which if challenged could certainly create more positive buying momentum. The last time SOL/USD sincerely traded above the 100.0000 level was from the 1st of March until the 3rd. Skeptics who have been hit hard by the bearish trend which has been evident since the second week of November 2021 in Solana, may view the current price of SOL/USD as a selling opportunity.
However, speculative selling positions should be conducted with extreme care. The short term trend seems to indicate buying velocity is growing, and over the past ten days support levels have been solid places to actually launch ‘long’ wagers. If a trader decides to seek downward price action, solid stop tactics will be needed.
SOL/USD speculators who favor the upside and are also looking at the broad cryptocurrency market and noticing that major digital assets are showing short term strength are likely growing in numbers. If current support levels near the 96.7500 to 96.4500 levels remain durable, this could confirm that SOL/USD is potentially ready to make another leg upwards. Traders should certainly be on the lookout for nearby resistance around 97.7500. If this value begins to appear vulnerable and SOL/USD challenges the 98.0000 mark, volatility could start to increase as some speculators cash out profits.
However, recent price action in SOL/USD and the broad cryptocurrency market may be signaling a change of behavioral sentiment. Timing the exact moment when Solana will make a pronounced bullish statement may be difficult, but if the 100.0000 level is penetrated higher and early March marks are approached, this may be a sign SOL/USD is about to stage a sustained climb. Certainly volatility will be seen and reversals lower may occur, but if current support levels remain strong Solana may be a worthwhile wager on the buy side.
Current Resistance: 97.7500
Current Support: 96.5200
High Target: 106.2100
Low Target: 92.3000