Solana Price Analysis: Following Near 200% Monthly Surge, SOL Eyes $50

By Yaz Sheikh

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SOL/USD – SOL Sets New ATHs Above $48

Key Support Levels: $44, $40.11, $34.76.
Key Resistance Levels: $47.37, $49.75, $52.

SOL saw a powerful week of trading in which it managed to surge by a strong 42% to reach a new ATH at $48.65. The cryptocurrency was trading at $32 at the start of last week as it started to surge higher. The monthly returns of SOL are even more impressive as they draw near to 200%.

Over the weekend, SOL managed to break above an ascending pice channel as it surged past resistance at $40 and set the new ATH price. More specifically, it was unable to close a daily candle above resistance at $47.37 (1.272 Fib Extension) and dropped lower from there yesterday to hit the support at $44.

It has since bounced from $44 today to hit the current $45 price.

SOL/USD Daily Chart. Source: TradingView

SOL-USD Short Term Price Prediction

Looking ahead, the first level of resistance lies at $47.37. This is followed by $49.75 (1.272 Fib Extension – blue), $50, $52, and $53.94 (1.414 Fib Extension – blue).

On the other side, the first support lies at $44. This is followed by $40.11 (.236 Fib), $34.76 (.382 Fib), and $30.44 (.382 Fib).

The RSI remains strongly in the bulls’ favor as they completely control the market momentum. The Stochastic RSI is primed for a bearish crossover which might cause a short-term retracement for SOL.

SOL/BTC – Bulls Scratch 0.01 BTC and Fall To .236 Fib Support

Key Support Levels: 0.000815 BTC, 0.0007 BTC, 0.000614 BTC.
Key Resistance Levels: 0.0009 BTC, 0.00095 BTC, 0.001 BTC.

Against bitcoin, SOL managed to reach as high as 0.01 BTC over the weekend, setting a new ATH price there. The cryptocurrency was trading beneath 0.0006 BTC at the beginning of the previous week as it started to surge higher to set the new ATH.

Since hitting 0.001 BTC, SOL has rolled over as it fell into the .236 Fib support at 0.000815 BTC yesterday. It continues to hold at this support today.

SOL/BTC Daily Chart. Source: TradingView

SOL-BTC Short Term Price Prediction

Moving forward, the first resistance lies at 0.0009 BTC. This is followed by 0.00095 BTC (1.272 Fib Extension), 0.001 BTC (ATH Price), and 0.00103 BTC (1.414 Fib Extension). Added resistance lies at 0.0011 BTC and 0.00115 BTC.

On the other side, the first support lies at 0.000815 BTC (.236 Fib). This is followed by 0.0007 BTC (.382 Fib), 0.000614 BTC (.5 Fib), and 0.000525 BTC (.618 Fib).

The RSI remains in the bulls’ favor but is starting to fall, which indicates the bullish momentum is showing hints of fading. This is typically healthy as it allows the bulls a break as the market retraces before continuing the bull run higher.