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- Solana price seems to be in recovery mode after reversing from lower levels.
- The RSI indicator is in overbought territory on the 4-hours price chart.
- SOL Crypto’s market cap rose to $11.3 billion overnight with an 11.8% gain.
Solana price found long-term support at the $26 mark even as buyers reversed the decline in price before reaching this point. As buyers have accumulated huge amounts of digital asset prices, Solana is in a recovery mood. This support has provided the price rise twice over the past few weeks and is still valid as a strong dominance zone for the bulls.
Solana price again made a narrow sideways move towards resistance near the $30 to $35 level. This narrow range could hamper the price recovery of the digital asset in the coming trading days. However, the RSI indicator is moving into overbought territory on the 4-hours price chart. Amidst the uptrend, trading volume increased by 200% over the past 24 hours.
Against the USDT pair, the Solana price stays at $31.47 mark at the time of writing. After breakout of $30 level, it flipped into the recent support level and its price gets any pull back. As of now, the solana price is in the green zone by 1.91% today. Moreover, the SOL Value concerning the Bitcoin pair is up 4.49% at 0.001526 Satoshis.
In the context of daily price scale, buyers successfully closed the price candle above the 20 day moving average. Now 50 DMA (blue) interrupts the more positive trend since last night. In addition, MACD displayed bullish crossover into the negative region and histogram also started making higher-highs.
Conclusion
The Solana price attempted to recover this week. Last five weeks were injurious for investors due to the continued sell-off. This price recovery may help buyers to recover their losses. Notably, the market cap of SOL crypto reached $11.3 Billion overnight along with 11.8% gain.
Technical Levels
Support level – $30 and $26
Resistance level – $40 and $50
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
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
