- 1 Solana was currently at $20.04 with an increase of 4.13% during the intraday trading session.
- 2 The 24-hour low of SOL was $18.96 and the 24-hour high of SOL was $21.34.
- 3 The current Solana token price is above 20, 50, 100, and 200-Day EMA.
The pair of SOL/BTC was trading at 0.000823 BTC with a dip of 5.18% over the intraday trading session.
Solana price prediction suggests that it is currently in an uptrend after the formation of a bullish hammer candlestick pattern over the daily trading chart. The formation of the bullish hammer candlestick after a downtrend indicates that the token may show a bullish reversal over the daily chart. This indicates that the buyers are coming in the majority and trying to take the market back from sellers.
Since the start of 2023, the SOL is trying to get stability in the market with the support of bulls. This can be seen over the daily chart as the SOL token broke its primary support of $19.70. But after testing its primary resistance of $26.56 the token began consolidating between its primary support and resistance. If buyers push themselves then the token may break its primary resistance and move upwards toward its previous glory.
The coin’s volume has increased by 10.57% in the last 24 hours. The increase in volume indicates that the number of buyers has increased. This shows that buyers are trying their best and there is a relationship between volume and the price of SOL, which represents strength in the current bullish phase.
What does the Solana Price Technical analysis say?
Technical Indicators show that the RSI has increased in the oversold zone and is shown a positive crossover which indicates that the buyers are coming in the majority and pushing SOL upwards. This suggests the strength of the current bullish trend. The current value of RSI is 45.62 which is above the average RSI value of 41.33.
The MACD and the signal line are increasing but not showing any definitive crossover over the daily chart which can support the RSI claims. Investors need to watch every move over the charts during the day’s trading session.
Conclusion
Solana price prediction suggests that it is currently in an uptrend after the formation of a bullish hammer candlestick pattern over the daily trading chart. Since the start of 2023, the SOL is trying to get stability in the market with the support of bulls. The increase in volume shows positive market sentiment towards the SOL coin. RSI has increased in the oversold zone and is shown a positive crossover which shows strength in current bullish trend, as per technical indicators.
Technical Levels-
Resistance level- $26.56 and $38.85
Support level- $19.70 and $10.27
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.