Technical analysis of BTC and SOL. 22/05/23

On the daily timeframe, BTC continues to trade within the support zone of $25,800-$27,000, as we indicated in the analysis of May 19. There are two potential buyer zones: $24,000-$25,200 and $19,600-$20,700. Another significant level to watch is $23,150, where many contracts were traded.

The resistance level at $28,000 and the range of $29,500-$31,000 remain important areas to monitor. Interestingly, trading volumes have been consistently declining over the past few days. This often precedes a sudden price movement in one direction.

On the H2 timeframe, the BTC price tested the resistance zone of $27,300-$27,700 and the support zone of $26,100-$26,500 over the weekend. The price has been moving sideways between these zones, and there hasn't been a new local low established since May 19.

The next significant support level after the current one is $25,800. The resistance levels at $28,000-$28,300 and $28,900 continue to be important areas to watch.

On the daily timeframe, Solana (SOL) has been trading sideways between the support zone of $16-$19 and the resistance zone of $24.6-$27 since the beginning of the year. It's worth noting a strong level of support at $19, which hasn't been broken since March. Below the current range, buyer levels can be found at $13 and $9.6, with a potential response expected around the $10 mark as psychological levels often attract pending orders.

Until the price breaks above the current resistance and tests the $32 level, it's not meaningful to discuss seller zones higher up.

On the H4 timeframe, Solana continues its downward trend that started on April 17, marked by lower lows. Currently, the price is hovering within the support zone of $18.7-$19.7. If this range doesn't hold, the next levels of buyer interest could be around $18 and the broader zone of $16-$17.

For a potential upward movement, buyers need to successfully break through the current resistance zone of $21-$22. These levels are currently crucial areas where sellers have positioned their orders. Beyond that, there is a resistance level at $23.21 and a wider range of $25-$27. However, it's still premature to discuss these levels as significant factors at this stage.

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Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.

TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.

Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.

К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).

Gray range on the chart — a support zone.

Red range on the chart — a resistance zone.

Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.

This analysis was informed by the following educational materials and articles from GNCrypto: