Solana (SOL) is now staying in consolidation above $81.03 short-term bottom. SOL added value in the last two days, but the gains were contained as the rebound came under pressure in the supply zone near the $105 mark. At the time of publication, Solana was trading at $102.82, down 2.24% in the last 24 hours. On-chain analytics firm, Santiment notes that development activity continues to play a vital role in the growth of major cryptocurrencies and their abilities to thrive. It handpicks Solana, Cardano, and Polkadot as key leaders in Github submissions rates. However, the development activity rate shows Solana as the fastest innovating coin, while Cardano and Polkadot closed behind.
Key Levels
Resistance Levels: $180.00, $151.83, $128.06
Support Levels: $81.03, $64.00, $30.00
SOL/USD Daily ChartSOL/USD daily price action looked indecisive as the pair came under selling pressure again near the $105 level. In terms of the technical setup, the SOL price structure still points to a continuation of the downtrend that has gripped the market since November last year. Price is confined under the bearish crossing of the moving averages between the Jan. 24 low of $81.03 and the Feb. 7 high of $121.89.
A break higher above the MA 50 and 200 at $124.87 and $149.79 respectively is needed to confirm any chance of a real shift in trend. While a fall back closer to $81.03 – $85.65 would put the price back into a sell zone and would give greater confidence of a resumption of the downward trend.
SOL/USD 4-Hour ChartSolana continues to wiggle near the 4-hour MA 50, thus persisting in range trading. Should a positive breakout of the range unfold, bullish impetus could stumble around the MA 200 at $110 before buyers jump to challenge the $143 – $157 barriers. Now, the latest bearish trajectory of the SOL/USD pair is presently tackling an area of support beneath the MA 50.
If the price fails to produce a foothold beneath the $98.38 level, the retreat in the pair may then dive to defy the fortified $88.71 – $90.93 floor of the present consolidation. To summarize, SOL is confined in a sideways trend with a lower limit of $81.03 and an upper limit of $157. A decisive bearish or bullish breakout of these boundaries may reveal a clearer price direction.
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