With the Solana Breakpoint 2023 event, Solana made a significant jump in price and continues its uptrend.
When I examine the daily chart, I believe that the $48 level is a significant resistance zone. It appears likely to face rejection from this area, but due to the overall bullish market sentiment, I don’t consider shorting from this level. If the price tests the $48 level and manages to close above it, I see a high likelihood of it making a move towards $58. The support levels I’m monitoring are $38.8 and, as a second support, around $30.
In the past months, CRV faced significant challenges due to hacks. On the daily chart, I’ve set an alert for the descending channel structure that I’m monitoring. The horizontal resistance level at $0.564 also aligns with the breakout of this descending channel structure. The first intermediate support level I’m keeping an eye on is $0.5, with the subsequent support at $0.45, where there are existing liquidity pools. If the price retraces to this level, I believe it’s worth watching the price action and considering long scalp trades if liquidity is cleared after confirmation on lower timeframes.
In the event of a breakout from the descending channel, I anticipate the price will first test the $0.711 level. At this point, I expect the price gap to be filled. Then, the resistance level I’m watching is $0.875
After breaking the descending trend, it experienced an approximately 50% rise. The $95-$97 range is a resistance zone. I believe that closing above this zone will push the price up to $112. The support level I’m monitoring is at $75.
The analysis shared here are not investment advice; rather, they are support and resistance levels believed to offer short to mid-term trading opportunities in the market. The responsibility for making trades and managing risk lies with the user. It is strongly recommended to use stop-loss orders in trades shared here.