Solana Price Rises 8% Today; Is It Ready To Recover Prior Recovery?
Published 58 minutes ago by
Brian Bollinger The Solana coin price fell after a dramatic rally in January. It had reached $26.84 resistance. This consolidation phase is intended to restore bullish momentum and ensure price stability at recently reclaimed levels. Here are some ways interested investors can profit from this rally. AdvertisementKey PointsFor new market entry, the range between $26.84 to $20 is a no trading zone.
A high momentum breakout from either end of the range will free the Solana coin form ongoing consolidation.
The Solana coin’s 24-hour trading volume is $1.78 Billion. This indicates a 360% gain.
Source-TradingviewFor over a month, the Solana coin price has resonated at fixed levels of $26.8 and $20, creating a narrow range. The coin price recovered at least three times from the above levels, indicating that traders are responding to the level. This type of recovery implies that buyers have high confidence in the asset’s ability to rise in value. Trending StoriesThe SOL is currently at $26.8 resistance and is up 27.35% since last week. Trending StoriesThe Solana price is currently at 27.35% higher than last week and is challenging the range resistance of $26.8. Moreover, a daily candle closing above the aforementioned resistance will signal the resumption of the bullish rally and offer a long entry opportunity.The potential rally could soar the SOL price to the following resistance level of $30.3, $34.25, or $38.55.On a contrary note, a reversal from the $28.6 resistance will prolong the sideways and in an unfavorable scenario, a breakdown below $20 will trigger a downfall to $15.Technical IndicatorRSI: An uptrend in the RSI slope surged above the midline(50%) and 20-SMA, indicating the bullish sentiment in returning to Solana.advertisementEMAs: A bullish crossover between the 20-and-50-day EMA may accelerate buying pressure to support a $26.8 resistance breakout.Solana Coin Price Intraday LevelSpot price: $26
Resistance levels: $26.8 – $30.3
Support levels: $22.4 – $20
Share this article on:advertisementAbout author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.