The Solana price continues the downward trend, but now a bullish divergence is building up in the RSI. Can the Solana price go up now?
Solana price moves towards 33 USD
Solana Price Chart by Tradingview
The Solana price continues the downward trend, because the extremely bearish May has so far been followed by a bearish June. Solana will find the next horizontal support between around 33 – 35 USD.
Should Solana break this support, Solana could fall to the price range between 18 – 22 USD before Solana encounters support.
There are bullish hints in the weekly chart
Solana Price Chart by Tradingview
Solana gives bullish hints in the weekly chart, because the histogram of the MACD is ticking bullish higher this week. However, the MACD lines remain bearishly crossed. If Solana rises now, Solana will find horizontal resistance between around 48 – 58 USD.
Otherwise, significant Fibonacci resistance is waiting for the Solana price at around 77 USD and 105 USD.
Solana price builds a bullish divergence in the daily chart
Solana Price Chart by Tradingview
In the daily chart, the MACD is clearly bullish, because the MACD lines are crossed bullish and the histogram ticks bullish higher. In addition, the Solana price reached the low point of May at around 35 USD a few days ago, which is now building a bullish divergence in the RSI.
Solana could bounce up in the short term to rise to the next resistance between 48 – 58 USD or even to the 0.382 Fib level at around 77 USD.
However, the 50-day EMA is at the upper end of the horizontal resistance at around $ 59, which acts as an additional resistance. In addition, the bearish death Cross remains intact in the daily chart.
Although Solana has a short-term chance of a price increase, the trend remains bearishly confirmed.
A bullish divergence is also building up against BTC
Solana Price Chart by Tradingview
The MACD is also clearly bullish against BTC: the histogram is ticking bullish higher and the MACD lines are crossed bullish.
Solana could now rise to the 0.382 Fib level at around 0.0019 BTC. This implies a price increase of around 59%. Otherwise, Solana still has around 16% downside potential until Solana hits the next support.
The support between 0.0013 – 0.00135 BTC broke the Solana price bearishly at first, but Solana is now fighting its way up to this support again.
Disclaimer
All information contained on our website is researched to the best of our knowledge and belief. The journalistic articles are for general information purposes only. Any action taken by the reader on the basis of the information found on our website is done exclusively at his own risk.
