Solana: Predicting SOL’s likely response to this resistance range

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Solana’s [SOL] immediate ceiling in the $34-zone has constrained the buying pressure for the last three weeks. As the bulls strive to retest this resistance again, SOL could present an opportunity in the coming sessions. 

Here’s AMBCrypto’s Price Prediction for Solana [SOL] for 2023-24

As observed empirically, reversals from this ceiling have reignited short-term selling pressure.

Meanwhile, the two-week-long trendline support flipped to resistance on the four-hour timeframe. At press time, SOL was trading at $34.0475 on the price charts. 

Source: TradingView, SOL/USD

SOL’s recent reversals from the $34-mark have pulled the alt towards the $32 baseline support. The altcoin’s latest rebound from this support level has chalked out an ascending channel on the four-hour chart. 

As a result, SOL swayed above the limitations of the 20 EMA (red), 50 EMA (cyan), and 200 EMA (green) to unveil a slight bullish edge. The only question is – Can it sustain this edge?

An analysis of the previous golden crossovers for SOL revealed more often than not that these crossovers entail a near-term bull run.

A potential break above the $34.7-level could provoke a short-term bull run in the coming sessions. The buyers would look to push the prices towards the $36-$37 range before a likely bearish rebuttal.

Nonetheless, a sustained break below the $33.9-level would affirm an up-channel breakdown. In such a case, a decline below the EMAs could position SOL for retesting its first major support level in the $32-zone.

The Moving Average Convergence Divergence (MACD) held its spot above the zero-mark to project a buying edge.