SOL With Another Attempt at $44, Will The Bulls Finally Make It? (Solana Price Analysis)

source : cryptopotato.com

https://cryptopotato.com/wp-content/uploads/2022/08/SOLUSDT_2022-08-11_14-35-32.png

After two failed attempts to break above the $44 level, Solana is back at it again.

Key Support levels: $40, $35 

Key Resistance levels: $44, $59

The bulls are seemingly very eager to push the price higher. The cryptocurrency rallied above the $4 key resistance level today but is now falling back down. If the buyers fail to sustain the momentum, then this might result in the third failed attempt at breaking this important level. The key support, meanwhile, is found at $40.

SOLUSDT_2022-08-11_14-35-32
Chart by TradingView

Technical Indicators

Trading Volume: A relatively good buy volume has taken SOL higher, but it seems that buyers struggle to maintain their momentum at the time of this post.

RSI: The daily RSI remains above 50 points. As long as it stays above this level, then the cryptocurrency has a good chance to break the resistance.

MACD: The daily MACD painted a bullish cross today. This is positive and may encourage buyers, but it is too early to make a call.

SOLUSDT_2022-08-11_14-35-56
Chart by TradingView

Bias

The short-term bias for SOL is bullish.

Short-Term Prediction for SOL Price

Even if SOL’s price manages to move above $44 today, the past shows us that this can just as easily turn into a fake breakout. If buyers fail to close today’s candle above this critical resistance, then the bears may regain control and push the cryptocurrency back to $40. A successful breakout would open the way for SOL to reach $60, but that seems far away at this time.

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Cryptocurrency charts by TradingView.