Can Solana (SOL) Rise to $27? August 8th SOL Analysis

  • As long as the SOL price continues to stay above the support zone between $22.50 and $21.93, it can expand the upward trend towards the resistance range of $25.49 – $25.92.
  • If the price does not encounter strong selling pressure as it approaches the resistance levels, SOL can continue its rise up to the $26.85 resistance.
  • In the short term, it is important for Solana’s price to achieve 2-hour candle closes above the $24.27 level in order to maintain the upward trend.

Technical analysis of Solana shows that the price has successfully maintained the previously highlighted support levels and has provided investors with a significant gain of around 7%.

Medium-Term SOL Analysis

Daily SOL/USD Price Chart
Daily SOL/USD Price Chart

Upon examining the daily technical chart of Solana, it can be observed that it has started an upward movement from the support level shared in our analysis on August 4th, providing readers with a valuable opportunity for a gain of 7%.

Click Here to Review Our Solana Analysis Shared on August 4th.

As long as the SOL price remains above the support zone of $22.51 – $21.34 mentioned in the analysis, it can continue its upward movement primarily towards the $25 levels. If SOL achieves daily closes above $25, the next target to consider could be $27.

If Solana’s price continues its daily closes above the $27 level, it may carry a stronger potential for an upward movement towards the main target of $33. However, it should be kept in mind that Solana needs to surpass the resistance levels we have predicted and achieve daily closes above them.

Short-Term SOL Analysis

4-Hour SOL/USD Price Chart
4-Hour SOL/USD Price Chart

Upon examining the 4-hour technical chart of Solana, it can be seen that the price movement is continuing its current trend as mentioned in the previous analysis. As long as the SOL price remains above the support range between $22.50 and $21.93, it carries the potential to expand the upward trend towards the resistance range of $25.49 – $25.92.

If the SOL price does not encounter strong selling pressure as it approaches the resistance range, it can aim to continue the upward trend towards the $26.85 resistance. Solana investors can determine their profit-taking strategies based on these resistance levels by closely monitoring the mentioned resistance zones.

In the short term, it is important for Solana’s price to achieve 2-hour candle closes above the $24.27 level in order to sustain the upward movement.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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