Solana had a huge run in the summer of 2021. Is it over? Covered:  Solana Charts (Weekly, Daily) What to Expect Next Where Does Solana Go From Here? Let’s now have a look at many people’s favorite cryptocurrency of the year in 2021, Solana, which skyrocketed in the summer of 2021. Since Solana is relatively […] The post Solana Is At An Attractive Entry Point appeared first on CryptosRus.

Solana Is At An Attractive Entry Point

Solana had a huge run in the summer of 2021. Is it over?

Covered: 

  • Solana Charts (Weekly, Daily)
  • What to Expect Next

Where Does Solana Go From Here?

Let’s now have a look at many people’s favorite cryptocurrency of the year in 2021, Solana, which skyrocketed in the summer of 2021.

Since Solana is relatively new, there is not much data on the monthly chart. So we will be looking at its weekly and daily chart.

Solana: Weekly

 

Solana has had an impressive run and it can be seen on all time frames.

Looking at the weekly trend suggests that the uptrend is intact and it’s at an attractive entry point of slightly below 21W EMA from trend following perspective (remember that this is a weekly chart and we just started a new week).

Its momentum is deflating but it’s still in the bullish zone. Previously when the Fast Momentum in the oscillator (Yellow Line) came down to Midline it found support (See Picture).

While the weekly chart is solid, the daily chart is oversold and showing a downtrend. However, Solana is in a support zone, and also there is 200MA(D) at around 115.53 below the support zone.

If the support zone (see picture) is breached, it is likely going to test 200MA(D)

What to Expect Next

The good news is that even though Solana is selling off it’s not selling with a lot of volume.

If you look at the volume bars of the previous sessions dating back to last week, Solana has been printing below-average volume.

Also given the oversold condition in the entire crypto market, it is likely that Solana will find support near where it is trading today.

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*** Not financial advice.

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