Will Sonala Keep Exploding After 32% Weekly Gains? Three Things to Watch This Week (SOL Price Analysis)

2023-07-17 11:18:48

Solana doubled in price since June, and it seems it wants to go much higher.

Key Support levels: $26

Key Resistance levels: $33

Uptrend Intact

The impressive performance by Solana continued in July, and a major breakout took place last Friday when the price moved above $26 and almost reached $33, which is the current resistance. SOL has turned the $26 level into support, and so long as this level holds, this cryptocurrency has a clear path higher.

Chart by TradingView## Buying Volume Exploded

Last week’s buy pressure exceeded any expectation with levels not seen since the start of 2023. This impressive interest from buyers rapidly translated into a higher price. The volume has decreased somewhat compared to last week, but buyers continue to be present.

Chart by TradingView## 3. RSI is Overbought

The daily RSI is giving a clear signal that Solana may have reached a local top right now after hitting 82 points. This means a pullback is likely on lower timeframes, and buyers have to do their best to stop sellers at the key support.

Chart by TradingView## Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

The price action remains bullish for Solana, and momentum is favoring buyers. Nevertheless, a short-lived pullback could take place before the price attempts to break the key resistance at $33. If, for any reason, the support at $26 fails, then the pullback may last longer than initially expected.

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.