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SOL/USD: Incremental Short-Term Gains But Nervousness Intact – 17 May 2022

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SOL/USD is within sight of highs recently made, but the incremental gains attained by Solana remain under the shadow of speculative unease.

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SOL/USD is trading above 56.0000 as of this morning, and Solana was able to trade above 57.0000 earlier in the day. On the 12th of May during the cryptocurrency crash, SOL/USD went below the 37.0000 ratio. To put things into even better volatile speculative perspective, SOL/USD was trading above 143.0000 on the 2nd of April. Thus, as of this morning Solana is trading roughly at 2/3’s less than its value one and a half month ago.

However, since hitting the low water mark during the broad cryptocurrency market bedlam displayed last week, SOL/USD has produced a rather polite incremental climb higher. Two days ago Solana traded above the 59.0000 price level, and for the moment this mark seems to be a rather high target for speculators who may be interested in trying to aim for this ratio as a take profit goal. However, while the broad cryptocurrency market remains nervous, traders will likely remain rather jittery about pursuing price ambitions which may seem too far away.

SOL/USD has the capability of trading fast and changes of value by one USD can develop fast. Under the present market conditions speculators are urged to use entry price orders to pursue their wagers. While trading for the moment has the feel of a rather tranquil setting, this may prove to be rather temporary.

The recent climb of SOL/USD in the past few days may also lead to skeptics believing that Solana has produced a little too much optimism among buyers. If the level of 55.5500 begins to see a challenge below, traders who want to wager on selling positions may believe the 55.0000 price is a legitimate target. If this ratio falters and the price of SOL/USD begins to demonstrate velocity within a bearish trend, technical traders may believe the 51.6000 level is a support ratio which could be tested.

The fast trading conditions which overtook SOL/USD have become more tranquil for the moment. However traders should not be lulled to sleep by the quiet atmosphere currently being seen. If the broad cryptocurrency market begins to produce nervous selling again, SOL/USD could certainly see lower prices challenged quickly. In the short term it appears SOL/USD may be traversing near resistance levels which could prove to be durable, and short sellers may want to wager on downside motion.

Current Resistance: 57.7800

Current Support: 55.1300

High Target: 60.3200

Low Target: 49.7400

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