Solana Gains 11% In 2 Days As SOL Cruises Near Resistance Zone
September 09 2022 - 5:35AM
NEWSBTC
The 11 percent gain of Solana from its dip on September 7 comes
after months of turbulent market conditions. A tenth of that may be
meaningless by the time this is published. The market is currently
trending upwards. The market bottomed out at $33.79 on Wednesday
before falling 9.29% to $30.89. At this point, both the CCI and the
Stoch RSI for SOL showed that the crypto had been oversold.
While SOL was recovering over the course of eight hours,
trading volume decreased from the sell-off of 1.650 million to
1.280 million. Related Reading: Ethereum Plunges 21% In Last 7
Days, Drops Below $1,600 Solana Bulls Unfazed By Pressure The dip
was relatively minor, and the bulls continued to push higher. One
of the largest positive price movements ever since SOL was
introduced was a 16.55 percent increase. Recent research
indicates that this price action is very bullish. We can be upbeat
about the price moving as high as $36.50 if it manages to end above
the long accumulation zone tension ($33.05) on the charts. From the
most recent available data, we can see that the current support
line is located somewhere around the $32.40 price range, but
the price has been trading much higher, near $35.26, recently.
Chart: TradingView.com Since breaking through several near-term
resistance levels at the 50, 38.2, and 23.6 Fib levels, the price
of SOL has maintained its support. SOL is attempting to merge its
position above the 23.6 Fibonacci level after breaking through the
$34.36 resistance zone. This trend aligns with the most recent
price analysis. SOL Expected To Breach Resistance At $33.85 On the
four-hourly chart, SOL formed a “Symmetrical Triangle.” The
Symmetrical Triangle is a pattern of declining volatility. This
indicates that market volatility is decreasing and that the market
is likely to break out soon. There is a greater likelihood of SOL
breaking out of its zone on the higher side, surpassing the
resistance of $33.85. According to this pattern, a breakout above
$33.85 will take Solana’s price to the highs of August 25 ($36.42),
followed by the psychological level of $40.0. This may be the case
with the current market. The $33.85 breakout occurred earlier this
morning as of writing. Following that, the price range increased by
5.77 percent. The bullish momentum has not diminished. Positive
market indicators continue to indicate a strong buy. The next few
days will reveal whether this breakout represents SOL’s next major
boom. Related Reading: Cardano (ADA) Could Shed Another 14% Off Its
Price – Here’s Why SOL total market cap at $12.2 billion on the
daily chart | Source: TradingView.com Featured image from
TheNewsCrypto, chart from TradingView.com
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