Solana Coin Prices Rise 16%; Is This The Beginning Of A Recovery Rally

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Brian Bollinger Although the crypto market slowed down a bit, the Solana price saw a 11% intraday rise. This growth could be due to investors accumulating lower rates and oversold coins. Thus, considering the overall trend is bearish, the current recovery is more likely a temporary relief rally.advertisementKey pointsA daily candle closing above $12 may encourage SOL to 33% rise
This level’s resistance power is increased by the 20-day EMA slope at $12
The Solana coin’s 24-hour trading volume is $538.5 million, which indicates a 163% gain
Source-Tradingview 2022 was a terrible year for Solana holders. It lost a lot of market value because of the FUD surrounding the FTX cryptocurrency crash. The coin price fell to $9.45 on December 29, registering a 95.71% drop from its all-time high of $260.06. However, the daily candle displayed a long-term lower price rejection, which indicates the intense demand from below. With sustained buying, the coin’s price rose 24.8% to reach a peak of $12. Trending StoriesAlso read: Can Solana price make Ethereum like a comeback from Mega Drop? The coin price currently trades at $11.15, but the attached high price rejection candle indicates that the sellers are not giving up. The daily candle closing below $12 will indicate that the sellers have the upper hand and prices will struggle to overcome the overhead resistance. However, the current rally is still to be considered temporary before it can show suitability for future trading days. A bullish breakout above $12 could prolong the price rally to 33% higher, to reach $15. Technical indicatorRSI: The rising RSI slope climbed straight up from the oversold area, indicating that the Solana coins price is trying to stabilize its previous excessive selling. AdvertisementEMAs: The large gap between the EMAs (20, 50, 100 and 200) accentuates this downtrend.
Trend: Bullish
Volatility Low
Resistance level: $11.65 and $15
Support levels: $9.4 and $7.6
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