According to CoinMarketCap data, Solana (SOL) is attempting a rebound, posting a 3.31% in the last 1 hour. Solana, however, remains down 5.55% in the last 24 hours and 3.22% since the past seven days at a present price of $37.81. As part of its latest “Buy the Dip” marketing initiative, fast-food chain Chipotle Mexican Grill is giving away up to $200,000 worth of cryptocurrency. On its promotional website, the fast-food chain with headquarters in Denver, Colorado, has invited its clients to participate in a game. Each player is given three chances every day. Beginning on Monday, its users have the chance to win prizes totaling $10,000 in Bitcoin (BTC), $5,000 in Ethereum (ETH), $1,250 in Solana (SOL), $3,000 in Avalanche (AVAX), and $3,000 in Dogecoin (DOGE) by Saturday. Chipotle first dabbled in cryptocurrency last March during National Burrito Day with the “Burritos or Bitcoin” promotional campaign (a made-up holiday).
Key Levels
Resistance Levels: $75.00, $60.00, $47.00
Support Levels: $35.00, $26.00, $20.00
SOL/USD Daily ChartThe $47.47 recent ceiling appears to be limiting SOL’s recent recovery from lows of $26.00 on June 13 following the crypto market crash. The price then started to recover, reaching highs of $47.47, and is currently consolidating losses. Looking at the near-term oscillators, it appears that positive momentum is having difficulty because the RSI has returned below 50.
After falling from its yearly highs of $143.71 on April 2, SOL entered into a downward trend. In the event of upward advances, the $60.00 level may serve as a stopgap before the MA 200 at $80.00 may be again challenged. If this is done successfully, the SOL/USD pair may test the yearly high ($143.71) and $160 before the end of the year 2022.
SOL/USD 4-Hour ChartFollowing its peak on July 22 at $47.47, SOL experienced a retracement. During the most recent drops, the price of SOL dropped below the 4-hour moving average (MA 50) at $41 and is currently holding in the MA 200 and $37.00 region. There is no positive impetus since the RSI has stabilized below the 50 level. More losses could drive the SOL price to the psychological support of $35.50 before it plummets to $26.00 lows.
On the other hand, SOL may bounce once more upward, running into resistance close to moving averages (MA 50) before rising to the $338 mark. If SOL breaches the aforementioned levels, the market may teeter on the $47.47 monthly high. In essence, the SOL/USD pair is consolidating; a break either above or below the moving average (MA 200) will determine its next direction.
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