Examining Solana’s Potential Surge: Can SOL Reach $33? August 3rd Analysis

Technical Chart Analysis

When examining Solana’s 3-hour technical chart, it becomes evident that the price is currently moving within the support zone, indicating the potential for an upward movement as long as it remains above the $21.93 level.

The SOL price is expected to rise towards the specified resistance levels as long as it stays above the crucial support level of $21.93.

Similarly, on Solana’s daily technical chart, the important support range between $22.51 and $21.34 significantly influences price movements. Daily closings above the $21.34 level increase the potential for an upward movement in SOL price.

Solana’s technical analysis emphasizes the importance of specific support and resistance levels in the daily and 3-hour charts to predict potential movements in SOL price.

Medium-Term SOL Price Analysis

Upon analyzing Solana’s daily technical chart, it is observed that the price is currently moving within the crucial support range of $22.51 to $21.34. As long as the SOL price closes above the $21.34 level daily, it has the potential to rise towards the $27 level, starting from the mentioned support zone.

On the other hand, if the Solana price closes daily below the $21.34 level, there is a possibility of continuing the downward movement towards $20. Therefore, it is essential for the SOL price to maintain the $21.34 level to prevent further decline.

As long as the SOL price stays above the $21.34 level, there is a high probability of initiating an upward trend from the support range of $22.51 to $21.34. Should Solana’s price rise from this support zone, its main target is determined to be $33.

Short-Term SOL Price Analysis

Turning to Solana’s 3-hour technical chart, it can be observed that the price is currently moving within the support zone. As long as the SOL price remains above the $21.93 level, it has the potential for upward movements towards the resistance range of $25.49 to $26.36, initiating an upward trend from this support zone.

Likewise, as long as the SOL price stays above the $21.93 level, it is likely to exhibit upward movement towards the specified resistance levels. However, if the SOL price closes below $21.91, it may experience a downward movement to clear the liquidity at the $21.33 level.

Conclusion

The technical analysis indicates that Solana’s price movements are heavily influenced by specific support and resistance levels. As long as SOL remains above the critical support levels of $21.93 and $21.34 in the short-term and medium-term, respectively, there is a strong possibility of witnessing an upward movement towards the $33 target.