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Daily Technical Analysis Research – Cryptocurrency (SOLANA)

By Matthew Hayward

October 3, 2024

3 min read

SOLANA (SOL/USD):

Solana, one of my favourite cryptocurrencies, seems to be stuck in the same “accumulation” phase we’re seeing with many other altcoins. Currently, it’s trading just above $140, after facing resistance around $160. At the moment, there isn’t a clear indication of where the price might head next. However, if it drops lower, I’ll be watching closely to see how it reacts to the support zone around $120 to $130.

Daily Technical Analysis Research - Cryptocurrency (SOLANA) - Screenshot 2024 10 03 at 14.52.41 1024x616

Taking a closer look at the technicals, and we can clearly see that price has rejected both the internal resistance zone and the descending trendline. At this point, the RSI indicator doesn’t suggest any slowdown, instead signalling a “neutral” stance regarding oversold conditions. I’m curious to see if the price can gain upward momentum and break through the internal resistance levels currently holding it back.

Daily Technical Analysis Research - Cryptocurrency (SOLANA) - Screenshot 2024 10 03 at 14.53.48 1024x619

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Author

Matthew Hayward

Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...

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