Solana and Polkadot - Altcoin chart analysis

Solana Chart Analysis

Solana and Polkadot - Altcoin chart analysisSolana and Polkadot - Altcoin chart analysisSource: Tradingview*

Solana has made significant gains over the past few days and weeks. While we were still in the $20.00 range in mid-June, Solana has since rallied over 660% and is currently at around $138.00.

After our high at around USD 150.00, we bounced off monthly resistance and could now potentially form a trend reversal pattern. On the 2H chart, we can clearly see the formation of a Head&Shoulders pattern.

The price target here would be around USD 120.00. Directly below this is our first stronger support at around USD 110.00 – 113.00. A correction would be important for the continuation of the rise.

SOL/BTC

Solana and Polkadot - Altcoin chart analysisSolana and Polkadot - Altcoin chart analysisSource: Tradingview*

We can also clearly see the steep rise in the SOL/BTC chart. Again, we have bounced off the monthly resistance R1 at around 0.003 BTC. Currently we are at around 0.0027 BTC.

The RSI has clearly entered the overbought zone at over 85 and has been holding there for days. Furthermore, we are also forming a bearish divergence here, which can be a sign of a correction.