SOL/USD occupies the lower realms of its value range still, and has even produced a slight incremental climb higher in the past day which may attract thrill seekers.

SOL/USD is trading slightly above the 52.0000 level as of this writing. This past weekend however, Solana spent some of its time traversing near the 49.0000 juncture as some early selling pressure developed on Saturday and shadowed the broad cryptocurrency market until Sunday morning. Since then, a slight incremental climb has been achieved and traders may find the current conditions attractive.

As a warning, SOL/USD still is within the lower tier of its long term price range, Solana is traversing prices not seen in earnest since August of 2021. Yes, on a spike lower when violent selling hit the digital asset market the 12^th of May, SOL/USD did penetrate the 36.0000 ratio briefly. While some may point to the gains SOL/USD has made since then and proclaim a victory and a parade higher to gain momentum, these people will be in short supply.

Day traders need to remain cautious with SOL/USD, and the best recommendation may be to seek fast hitting trades using risk taking tactics which cash out of the market quickly while seeking to ‘scalp’ the cryptocurrency market.  Gains have been seen in the major counterparts of Solana also, but the reversal higher across the digital asset board could prove to be short lived. Nervous conditions remain and a true breakout higher technically has not been spotted as a trend.

Using take profit orders to accomplish a winning bet on upside price action to challenge nearby resistance may feel worthwhile. However, stop loss risk management should be fully in place, just in case a sudden rush of selling is about to emerge again. Resistance near the 52.7500 level looks like it may prove durable. If support near the 51.7500 mark suddenly finds that it is vulnerable SOL/USD could find lows being tested rather abruptly again.

Behavioral sentiment in cryptocurrencies has proven a difficult battle; reminders of the long term bearish trend are still in clear sight.  While some speculators may feel the need to look for reversals higher, cautious traders who are still skeptical of the cryptocurrency market may believe remaining a seller of SOL/USD after slight climbs have been seen, is a way to ignite selling positions while looking for support levels to be challenged again sooner rather than later.

Solana Short-Term Outlook

Current Resistance: 52.7500

Current Support: 51.7100

High Target: 56.0600

Low Target: 48.8800

SOL/USD has maintained its rather solid trend upwards, which has developed since the 13th of March and is within sight of important price levels above.

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