The crypto market has undergone a redesign over the past three months, with many major cryptos losing more than half their value. However, the correction may now be over, and the bear speed is over two weeks. In fact, buyers took control last week and now the crypto market seems to be reviving its biggest bullying trend.
The retreat seems to be over at the end of the week
Solana had a fantastic year in 2021, reaching $ 260 in November from $ 2 earlier this year. However, over the past three months, Solana has been suffering from a negative sentiment in the crypto market, with SOL / USD pulling down.
However, the weekly chart indicates that the return may be over. The stochastic indicator sold out and the 50 SMA (yellow) turned into support. Last week we saw an increase in this moving average after the Doji candle was lit, which is a sign of a major reversal after retreat.
So far this week we have not seen any follow-up to last week’s bullying, but Solana has been a good investment opportunity for around $ 100. Therefore, if the price returns to that 50 SMA level at that level, we would like to open a buy mark.
Solana H4 Chart Analysis – Buyers are pushing SOL over MAS.
On the H4 chart, the picture looks very good. After the bearish reversal in November, the price fell below all moving averages, which turned into a protest. However, a support zone of around $ 80 was seized and buyers continued to push prices higher than the average moving average.
Now only 200 SMA (purple) remains as resistance. He rejected the price in the first attempt, but did not allow the 50 SMA to go down. As a result, buyers appear to be pushing Solanna beyond the 200 SMA in the near future, signaling a strong signal that the market will not turn to depression again.
On the daily chart, moving averages turned into support, especially during the 50 SMA (yellow) last year bullying. But the Bear Attack began in November and Solana slipped under all moving averages, breaking down support zones. As the downturn increased, the smaller MAs turned into opposition, but now the 20 SMA is up after the reversal. Although this moving average is the last support and resistance indicator on this chart, the 50 SMA will be a real challenge for buyers.
The Solana network will continue to expand, starting with the decentralized payment protocol. This allows merchants and e-commerce platforms to accept crypto payments through digital wallets. Solana recently raised $ 109 million for her local wallet fund. OpenSea also plans to add support for the Solana and Fantom portfolio, so all of these improvements will make the Solana network more attractive and SOL-enabled. So, we are looking to buy Solana for around $ 100.
SOL / USD