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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Solana (SOL) resumes its ascent

Solana (SOL) resumes its ascent amid positive sentiment

Crypto Source: Bloomberg

Written by

Axel Rudolph FSTA

Axel Rudolph FSTA

Senior Technical Analyst

Article publication date:

​​​SOL resumes its ascent

​SOL bullish scenario:

​Over the weekend SOL managed to break out of its downtrend channel which it revisited and which acted as support on Tuesday and Wednesday.

​The May-to-July tentative downtrend line and 55-day simple moving at $158.00-to-$158.37 are now in sight, together with the 30 June high at $159.99.

​Were the SOL token to rise above $159.99, the 200-day simple moving average (SMAs) at $166.28 and 11 June high at $168.36 would likely represent upside targets.

​Further up sit the May highs at $184.88-to-$187.71 which represent the next higher potential target area.

​SOL bearish scenario:

​As long as SOL remains below its $158.00-to-$158.37 resistance zone on a daily chart closing basis, the June-to-July uptrend line at $148.37 may be revisited. Another potential downside target would be the 1 July low at $144.85 in this scenario.

​Below it lies the more significant $141.63-to-$140.43 support zone.

​Were it to give way, the next lower $136.69-to-$136.01 support area may be reached as well.

​Still further down lies the 22 June low at $126.00 which was made close to the mid-April low at $123.51.

SOL daily candlestick chart Source: TradingView

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