Solana Keeps Radiance Bears Could Dampen Mood This Level

News BTC

In recent times, the Solana price has witnessed a considerable upward push, which made the coin breach important resistance levels. Over the last 24 hours, SOL has rallied close to 20%, and in a week’s time, the altcoin has appreciated close to 40%.

As Bitcoin’s price has remained above $20,000, most altcoins have shown positive price momentum on their respective charts. If Bitcoin continues to climb higher, then short-term bullish momentum will prevail across the market.

How To Get Free Crypto  

The technical outlook of Solana has pointed towards the bulls, but the chart also reveals that as the coin has been overbought, SOL would eventually witness a price correction. Accumulation remains high on the chart as demand for the coin has been at a multi-month high.

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Solana could present its buyers with buying opportunities; the coin might retrace on its chart and then rise again. The market capitalization of Solana increased, which meant that there had been an increase in buying strength. Currently, Solana has been trading at a 90% discount to its all-time high, which was secured in 2021.

Solana Price Analysis: One-Day Chart

Solana was priced at $25 on the one-day chart | Source: SOLUSD on TradingView

SOL was priced at $25 at the time of writing. Solana pierced through many resistance levels. The $25 price mark has acted as stiff resistance for the coin; it is imperative that SOL stay put above that region to avoid bullish momentum from fading.

Overhead resistance for the coin stood at $31, but before the altcoin gets to that level, SOL is bound to trade south. Local support for the coin stood at $21.

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

The support region that ranges between $21 and $18 will present traders with entry opportunities. The amount of Solana traded in the last session increased and was green, which meant that the coin depicted bullish momentum.

Technical Analysis

Solana registered an uptick in buying strength on the one-day chart | Source: SOLUSD on TradingView

SOL continued to display overbought tendencies, the asset was overvalued. Despite a tiny correction in demand, accumulation for the coin shot past the overbought region again.

The Relative Strength Index (RSI) was parked at the 70-mark, which was a sign that buyers exceeded sellers heavily on the daily chart. Similarly, the price of the asset was above the 20-Simple Moving Average (SMA) line, which meant that buyers were driving the price momentum in the market.

Solana was also above the 50-SMA line (yellow), which is a sign of a bullish extension. On the flip side, SOL displayed a death cross where the 50-SMA crossed above the 20-SMA line, and that meant an incoming fall in price.

FreeBitcoin Banner  

Solana displayed receding buy signals on the one-day chart | Source: SOLUSD on TradingView

Bulls were still around for Solana, but buy signals for the altcoin were declining in size. The Moving Average Convergence Divergence (MACD) depicts price momentum and reversals. The MACD displayed decreasing green histograms, which meant that buy signals were declining on the chart.

The Bollinger bands, which indicate volatility, also drew apart, which meant that the coin would witness considerable price fluctuations over the next few trading sessions.

Featured Image From UnSplash, Charts From

Go to Source
Author: anushsamal

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.