Solana Is Fighting Back

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Despite the general crypto market down-trend in May, Solana has tried to remain above the support level of $44 since May 12.

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The Support Levels: $44, $75
The Resistance: $58, $78

SOLUSD_2022-05-22_15-51-03

On the daily chart, SOL/USD showed resilience as it tries to recover after falling below the May 8 support level of $75. Sellers are eager to sell, preventing any further Bullish movement of the market. At the present, the market is held up between $44 and $58

MACD: According to the daily Moving Average Convergence and Divergence, we can see that the faster moving average curve has crossed the slower moving average curve. And both moving average curves are now heading towards the upside. Another thing is that the green histograms are beginning to form above point zero. The crossing curves signify a change in trends. SOL may be at the beginning of a bullish movement.

RSI: From the daily Relative Price Index, we can observe that after the market entered the oversold region of 21% on the 12th of May, the strength bounced back to 36%. However, This is still an indication of a down-trend momentum of price action.

Solana’s resilience against the market trend is not bad, but at this point, buyers are needed to push the price up. If this does not happen, the price may fall back, or even break the $44 resistance level.

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