Solana (SOLUSD) Price Forecast: July 11
The SOLUSD price now holds above the $19.59 supply mark and might increase further as the bulls currently remain dominant in the market. In case the bulls should defend the selling pressure at the$21.14 low level, an increase in the bulls’ momentum may break up the resistance level of $27.12 and this may increase the coin price to the $30.00 upper high trend line and beyond.
Key Levels:
Resistance Levels: $22.00, $23.00, $24.00
Support Levels: $18.00, $17.00, $16.00
SOL (USD) Long-term Trend: Bullish (Daily Chart)
The long-term market value of Solana is moving in a bullish direction. The coin price is now strongly trading above the two EMAs with huge volumes from the bulls. Thus, the recent market structure has favored the bulls.
During yesterday’s session, the pair reached and held the $22.49 resistance level. This has made it possible for the coin to remain in an uptrend in its recent high.
Today, the bulls are trying hard to remain above the $22.49 supply mark, so there is a possibility for the coin price to pull back at the current support of $21.14 value above the two EMAs to invalidate the bearish theory.
Hence, staying above the supply levels indicates a strong possibility for a bullish correction.
Therefore, if the bulls could push harder, the coin price may turn up from the $21.14 support and jump above the $27.12 supply mark, which would invalidate the bearish thesis.
This might lead the price of SOLUSD to the $30.00 resistance and beyond soon as the coin holds above the $19.59 supply mark in its higher time frame.
SOL (USD) Medium-term Trend: Bullish (4H Chart)
The SOLUSD market is also displaying a bullish posture in its medium-term outlook. This is due to the high inflow from the long traders. 
The increase in the momentum by the bulls at the $21.97 supply value during yesterday’s session has enabled the Solana price to stay strong above the resistance line in recent times.
The market price of SOLUSD has just broken up the EMA-50 at the $21.41 supply level as the 4-hourly chart opens today, indicating the price sustainability above support.
Thus, with sustained buying, the Solana price will continue to rise and challenge the $ 22.03 neckline resistance which might further expose the coin price to the $30.00 resistance value soon as the coin holds above the $19.59 supply mark in its medium-term outlook.
Buy Solana on eToro
Leave a Reply