SOL/USD is providing traders with an enticing trend upwards as it has made resistance levels look rather vulnerable. Since touching a low of nearly 77.9500 on the 13th of March, SOL/USD has been able to provide speculators with a rather impressive climb higher. The current price level which is near 131.9500 is a solid distance above and now SOL/USD is within sight of crucial values not seen since the third week of January.
Like the broad cryptocurrency market, SOL/USD has displayed a rather remarkable turnaround upwards the past few weeks. While it may be too early to completely proclaim the long term bearish trend dead, the upwards trajectory shown by Solana and its major counterparts has created an air of optimism for speculators.
After hitting a high of nearly 143.7500 on the 2nd of April, SOL/USD did decline in price, but it has been able to hold onto a large amount of its gains and not produce a violent selloff. Traders need to understand that volatility in SOL/USD is abundant and price velocity can be fast, so use of leverage and entry price orders is encouraged to provide traders with secure risk taking tactics while in pursuit of chosen directions.
If the current support level near the 131.6000 ratio is able to prove durable, additional buyers may be enticed to join the speculative parade that appears to be building in SOL/USD. Behavioral sentiment is crucial in cryptocurrencies and if current market conditions prevail and the broad markets also show an ability to not falter through existing support levels violently, another leg up in Solana may develop sooner rather than later. Having touched important values above only two days ago, if SOL/USD can prove it can consolidate and remain calm short term, than there is reason to suspect buyers will outnumber sellers.
Short sellers may want to wager on nearby support levels as take profits targets, but they should not be overly ambitious and stop losses are highly recommended. Traders who want to wager on the upwards trend which has been in plain sight the past few weeks cannot be blamed. Realistic targets should be kept in mind. Aiming for higher prices near current resistance levels can be practiced. If SOL/USD is able to break above the 133.0000 level and show stamina, higher prices may be seen near term which could challenge mid-January values.
Solana Short Term Outlook:
Current Resistance: 132.9500
Current Support: 130.5500
High Target: 144.4000
Low Target: 127.7900
