Solana (SOL) – Attempting to extend gains above the 2/1 Gann fan angle

Solana (SOL) – Attempting to extend gains above the 2/1 Gann fan angle

Posted on Thursday, March 17 2022 at 8:34 pm GMT+0000

Solana (SOL) buyers are attempting to extend this week’s gains above the 2/1 Gann fan angle stretched from the December 2nd high, currently tackling the flat Kijun-sen line.

The recent positive thrust drove the MACD above its signal line, and the positively charged stochastic oscillator is signifying that negative forces may be fading. Nevertheless, the Ichimoku lines have yet to demonstrate a clear upside signal, as they turned horizontal, while remaining negatively aligned.

However, given the current modest pick in positive momentum, and with a clear victory against the nearby Kijun-sen line at 90.74, the price will likely continue its recovery at least towards the lower surface of the cloud and the 100.00 key psychological level before pursuing the twice tested resistance at 106.00. From here, any additional gains may encourage buyers to pilot higher towards the February 7th top at 121.60.

Otherwise, in the wake of any dampening in the mood, the price will shift lower towards the 83.80 area where the Tenkan-sen line and the 2/1 Gann angle intersect. A bit lower, the February 24th bottom at 75.25 could try to delay losses from gaining pace. If this barrier fails to keep bearish pressures at bay, the May 2021 inside swing high at 59.15 will come immediately under attack.

To summarize, although Solana’s bullish tone is gaining might, only a decisive close above 106.00 will spark hopes for a meaningful upside correction.