Chart by TradingView
Solana doubled in price since June, and it seems it wants to go much higher.
Key Support levels: $26
Key Resistance levels: $33
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.
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.
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.
The bias for SOL is bullish.
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.
