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Is Solana Ready to Start an Upward Trend? August 4th SOL Analysis

  • The price on Solana’s daily technical chart is moving in the range of $22.51 to $21.34.
  • If the SOL price closes above the $21.34 level on a daily basis, it aims to initiate the upward movement from this support range.
  • If the upward movement continues, the first target will be the $25 level, followed by a possible rise towards the $28 levels.

On Solana’s daily technical chart, the price continues to move within a specific range. It is observed that the SOL price is focused on staying above the $21.34 level, and in this case, it can expand the upward movement towards the $25 and even $28 levels.

Medium-Term SOL Analysis

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

When examining Solana’s daily technical chart, it can be seen that the price is moving in the range of $22.51 to $21.34. If the Solana price closes above the $21.34 level on a daily basis, it may plan to initiate the upward movement from this support range.

As long as it stays above the $21.34 level, Solana’s first upward target will be $25. If daily closes are made above $25, the next target for the rise can be considered as the $28 levels.

However, if the SOL price closes below the $21.34 level on a daily basis, it can continue the downward movement until the $20.54 levels. If the price encounters a strong buying response from the $20.54 level, it can initiate an upward movement towards the mentioned target of $33. Another important support for Solana is at the $19.33 level.

Short-Term SOL Price Analysis

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

When examining Solana’s daily technical chart, it can be observed that the price is moving in the range of $22.50 to $21.93. If the SOL price closes above the $21.93 level on a 4-hour basis, it can first advance towards the $24 levels and then towards the $25.49 to $25.92 region.

However, if the SOL price closes below the $21.93 level on a 4-hour basis, it can continue the downward movement until the $21.35 levels. If the price closes below $21.35 on a daily basis, it can realize the downward trend towards the $20.56 levels.

If the SOL price starts to rise from the $22.50 to $21.93 support, the upward target of the trend will be the $26.85 level. If the Solana price closes above the $26.85 level on a 4-hour basis, it may consider continuing the rise towards the $28.50 levels.

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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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