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- 1 Solana price is currently trading at $22 while seeing a decrease of 38.06% in 24 trading volume.
- 2 Solana is forming a symmetrical triangle on a daily basis.
- 3 Solana price recently received rejection from 200-day EMA.
Solana, a blockchain platform that is created to host decentralised and scalable applications. Solana is a super fast and super efficient highway for all crypto-transactions. The best part about solana is that it charges low transaction fees and processes immense transaction per second than the other competing rivals.
Solana price is currently in uptrend after forming a low at $16. The upward trend for solana started at the beginning of year 2023 driving price from the low of $8 to forming a high at $27.12 on february 20. Although the move was corrected by the bears and price tanked approximately 41% which led to formation of $16 low. Solana then started to form an upward channel creating higher highs and higher lows. The price action favours the bullish market and support of $20 is seen to be holding the price strongly.
Recently, Solana’s decentralised exchange volume increased. Solana network also saw a rise in total value locked as result of increased DEX’s volume. After testing the highs of $26 level on April 17, the price of solana has dropped approximately 16.08% since then. Solana price also received rejection from the 200-day EMA as price reached to $26 level and 20,50 and 100-day EMA are going hand in hand with the price.
Recently, mastercard has decided to partner with solana to create a shared infrastructure that enables trustworthy transactions between the wallets and promotes adherence to regulatory requirements including the financial action task force’s travel rule.
The collaboration will help both solana and mastercard by increasing their visibility and adoption in the crypto-market and providing a boost to their ecosystem. Mastercard has collaborated with many public blockchains like Polygon, Aptos, Ava labs and also solana aiming to incorporate the best common standard in the crypto infrastructure to increase trust in consumers, business and government.
Technical Analysis: Solana price formation
The RSI is currently trading at 48.45 in the neutral territory facing the same pressure from bulls as well as bears as price consolidates. The chaikin money flow score is 0.00 indicating no signs of weakness or strength in the market. The bands of bollinger have started to contract as price resides near the 20-day SMA of bollinger. The longs/shorts ratio is 1.01 with 50.33% longs and 49.67% shorts in the last 24 hours indicating almost the same amount of position open on both sides.
Conclusion:
The market structure and price action has turned bullish after Solana price formed the low of $16 level. Solana price is forming higher highs and higher lows although the price is currently entering the consolidation phase on lower time frames. If bears take control back and possibly break the $20 level support, there is a higher probability for the price to reach $16. On the other hand, if the price can break above $25.40 level, traders might target the $27 level.
Technical levels:
Major support: $20 and $16.
Major resistance: $25.40 and $27.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. 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.
