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Solana (SOL) price analysis, we will analyze past price movements through charts and technical indicators. We will determine support and resistance levels and guide investors in their buying and selling decisions.
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We believe that the recent rise of Solana was influenced by developments in its ecosystem. In particular, the successful outcomes of the airdrops conducted in recent days, the complete sale of the Saga phone, and the successful results of the Bonk and Jito airdrops show that the Solana ecosystem maintains its strength. The success of these technological developments was reflected in the price performance of Solana.
With the downfall of FTX, the price tag of SOL dropped to $8. However, the confidence that Solana’s technology provides to investors has made this decline ineffective. After a challenging period at the $8 level, Solana again showed a strong performance that satisfied investors. This situation shows that Solana is successful not only technologically but also in terms of market confidence and investor support.
Solana Technical Analysis
Looking at the technical analysis side, Solana, after exceeding the $50 level, managed to carry its price tag up to $85 levels within a rising trend structure with two different formations. At first, it formed the head and shoulders formation, but because it couldn’t break upward, an extra formation structure was generated, and it made a double bottom.
With the rise yesterday, Solana which had a break upward can have the potential for a rise up to the $94 to $100 price range unless it breaks below the $84.40 level. We are aware that the formations do not target the same levels, but on average, the $115 level stands out as the position where Solana can rise.
If it starts to close candles below $84.40, first we might see levels down to $78 and later a drop to the $60 level.
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