Solana (SOL) Could Register An Upswing, Thanks To This Pattern
May 23 2022 - 9:00PM
NEWSBTC
Solana has been currently trading within a consolidation phase.
Despite a recovery on charts, the coin is trading at the level it
last traded in the month of August, last year. Over the last few
days, the coin observed lateral price movements. Usually after a
consolidated phase, it can be assumed that the altcoin could
witness a change in the price movement. Technical outlook painted a
positive price action for Solana on both its hourly as well as
daily chart. Solana has recovered by over 40% from its lowest price
which was recorded mid month, this year. At the moment, Solana has
been trading between $44 and $58 price level. If the coin has to
invalidate the bears completely, a jump above the $70 will be
required. As the price of the asset started to note northbound
movement, buyers regained confidence and started to re-enter the
market. Solana Price Analysis: One Day Chart The altcoin was
exchanging hands at $53 at the time of writing. Although, SOL was
moving sideways, the technical pointed towards a possible bullish
revival. Nearest resistance line for the coin stood at $60 and if
the coin struggles too much to break past the aforementioned level
then SOL could attempt to visit the next support line. The next
price floor for SOL was at $44.85 and then at $34. Solana has
visited these levels almost over ten months ago when the coin was
on a bullish price action. Bullishness can be pointed out because
SOL has just managed to bounce off the long standing support line
(yellow) of $40 on the above chart. This particular price action
can be attributed to a further upside movement. Related Reading |
Solana TVL Sees Sharp Decline, Reaches 2022 Low One Hour Chart An
ascending triangle has been formed on the one hour chart. This
formation is tied to a bullish price action in the market. Solana
could soon break past $53 price level and challenge the $60 mark.
If the buyers are consistent in the market, this could happen even
sooner. Volume of the coin was seen in the green which is again
directly related to bullish strength in the market. It is possible
that the coin might consolidate over the immediate trading sessions
and then finally break past the sideways trading pattern. Technical
Analysis Buying strength returned on the charts for Solana. As the
coin regained some of its vigour back, investors are also back in
the market. As seen on the Relative Strength Index, the indicator
noted an uptick. Solana was not oversold anymore, however, the coin
still witnessed more selling pressure compared to buying pressure
in the market. Moving Average Convergence Divergence noted green
signal bars after noting a bullish crossover. The green signal bars
highlight a change in the price momentum along with depicting that
selling pressure was declining. With decline in selling pressure,
Solana would again attempt to move past its immediate resistance
mark. Related Reading | LUNA Records 100% Growth In A Single Day.
More Upside Coming?
Solana (COIN:SOLUSD)
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