Solana probes multi-month resistance
Solana probes multi-month resistance as United States inflation increases.
Solana probes resistance
Solana bullish scenario:
The Solana end-of-June bullish breakout from its downtrend channel has taken it to its June peak at $168.34, which it has been trying to overcome since last week.
Even though intraday moves saw Solana rise above the $168.34 high, reaching a two-month high at $168.64 this week, it has not achieved a daily chart closing above this level. Bulls are waiting for such a technical confirmation to occur.
If this were to happen, the May peak at $187.68 would be back in focus.
Solana bearish scenario:
As long as Solana remains below this week's $168.64 high on a daily chart closing basis, a retest of the June-to-July uptrend line at $158.70 may unfold.
A fall through Tuesday's $157.27 low could bring the 55-day simple moving average (SMA) at $154.64 into play.
Should this level also give way, the 1-to-4 July lows at $145.30 to $144.95 represent another possible downside target zone.
Below this lies the more significant $141.63 to $140.43 support area.
SOL/USD daily chart
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