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- 1 The current price of the coin gained around 5.30% in the last intraday session and is hovering around $20.40.
- 2 SOL’s price is moving above the 20-,50-,100-, and 200-Day Daily Moving Averages.
- 3 The pair of SOL/BTC was trading at $0.0007708 BTC with a dip of 1.97% over the intraday trading session.
The current market sentiment for Solana is bullish. Bulls put up a strong battle against the bears’ attempts to join the trade, and it now appears that the price is moving steadily upward following the current bullish trend.
The current price of the Solana crypto is $20.40 and gained 5.30% during the last intraday trading session. The increase in the price indicates strong buyer pressure. However, the bullish rally may end as SOL has not attained stability since the start of 2023, yet. Sellers are also trying for a trend reversal but the bulls are gaining a grip on the SOL.
The ongoing bullish rally could take the price of Solana coin to the primary resistance of $26.45 and if the rally persists then the price could reach the secondary resistance of $37.07. The sellers attempts for trend reversal seem to disturb the buyers. If the buyers lose their grip over the SOL crypto the price might drop up to the primary support of $17.17 and it could also reach up to the secondary support of $9.58.
Over the last 24 hours, SOL’s trading volume has decreased by about 23.38%, indicating an increase in short-selling activity and more intense selling pressure from sellers. As a result, buyers must work harder to purchase SOL, but the number of buyers is gradually decreasing. SOL’s price is moving above the 20,50,100,200 Days Daily Moving Averages.
What does the Solana Price Technical analysis say?
RSI is in the oversold zone and is surging toward neutrality, indicating buyer entrance. Short selling pressure is also decreasing. The current RSI is 48.95 which is above the average RSI of 41.32. The MACD and MACD signal have collapsed giving a positive crossover. The RSI is moving toward neutrality from the oversold zone. However, sellers might try to get into the trade.
Conclusion
The current market trend for Solana is bullish and the coin is following the uptrend. RSI moving toward neutrality shows that buyers are interested. However, Solana has not gained stability since the start of 2023 .Investors have to keep a watch on the SOL and wait for any directional change over the daily price chart.
Technical Levels-
Resistance level- $26.45 and $37.07
Support level- $17.17 and $9.58
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.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
