Solana Price Analysis: SOL struggles near the $50 Mark, above this level would you buy it?

• Solana investors looked aggressive near the 10-month POC point as per the VPVR indicator; The coin, therefore, recovered above the $50 mark.
• The market cap of Solana Coin again climbed above $17 billion since May 11, up 1.3% in the last 24 hours.
• The Solana coin belonging to the bitcoin pair is trading at 0.001753 satoshis, up 5.3%.

The SOL price began to rise after closing the session lows and hitting new lows in 2022. Although the price rebounded swiftly from the session highs, the bulls lacked the conviction to post further gains, making it difficult to sustain the previous day’s recovery gains.

Looking at higher time frames such as daily and weekly, the SOL coin is trending downward with a lower-low formation within a falling trend line (white) after hitting the 52-week high of $289.9 mark.

The SOL coin was recently noted on Thursday night at a low of $37.37 for 2022. Whereas Solana investors looked aggressive near the 10-month POC point as per the VPVR indicator, therefore, the cryptocurrency traded above the $50 mark in the intraday trading session.

Despite the modest recovery, bulls still need to gather more potential to move the SOL coin higher. Meanwhile, the SOL is trading below the 20-day exponential moving average on the daily price chart and trading at $51.6 at the time of writing.

Trading volume is gradually falling, but in contrast, the market cap of Solana coin has climbed above $17 billion again since May 11, up 1.3% over the past 24 hours. Moreover, the Solana coin belonging to the bitcoin pair is trading up 5.3% at 0.001753 satoshis.

Bulls need to gather more potential to grab the opportunity 

The daily RSI indicator is still below the 40-mark, which does not indicate any higher momentum in the Solana coin. But the ADX indicator is at the 42 level, which shows the strength of the bears.

Conclusion

Although Solana’s price traded above the $50 mark, a swing high above the $60 level is not far from the current price. Hence the bulls still need to gather more potential to take the SOL coin towards the $100 round level.

Support levels – $40 and $30

Resistance level – $60 and $100

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.