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CFD News | Crypto | Solana Holding On at Support

Published: 12.05.2023
by Joseph Jeffriess

Today’s focus Solana

Pattern – support hold

Possible targets – Upside 23.14 – Downside 16.83

Support – 19.72

Resistance – 23.17 – 25.40

Indicator support – Nill

Solana has found itself at an interesting point with a few signs to watch from both sides. The first price is holding at 19.72 support, a decent level that has held for buyers since March. Overall, seller pressure remains on the crypto market today as we see more of the top ten losing ground.

Looking at the overall short-term picture, sellers could remain in control with a stack of LHs and a short-term downtrend in play. From this point, we are looking for either a hold and new rally from buyers that could test 23.14, or a break of support that could set off a new move back to 16.83.

Market momentum should be the clincher here, even though Solana is holding up better than BTC and ETH. If we see buyers return, this should help lift SOL, but if selling pressure accelerates, this could be too much for buyers defending support.

Solana D1 Chart

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