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- 1 Solana’s price is currently trading at $20.59 while observing an increase of +0.73% during the intraday session.
- 2 The year-to-date return of Solana is 106.22%, while one monthly return is -7.97%.
- 3 Solana becomes a notable gainer with a 5% surge and reclaiming the $20 level.
The previous weekend turned out to be more positive for crypto leader Bitcoin, which helped altcoins like Solana gain bullish momentum. The cryptocurrency price surged about 5% last week, enabling it to reclaim the $20 level. The price started rising from the low of $19.15 to over $20.
Sol’s price is currently headed toward the immediate resistance level of $21.10. Bulls protected the price from falling further as it would have resulted in the price melting to $18 and further down to $17, causing a drop of approximately -11%.
As of now, if bulls can push the price above $21.10, there is a possibility of a price heading toward the May highs of $23, resulting in a rise of roughly 8.89%. For the price to retest the annual highs of $27.12, it needs to rise above the $24 level with enough bullish momentum to shatter the $26 level.
Looking at the left, if bulls push prices above the annual highs, there is a clean move for the price to reach the $37 level. This move would require a strong bullish momentum and positive sentiment around the crypto market. The cryptocurrency rally has been stalled as fears have risen regarding the United States’ crackdown on Bitcoin and other major cryptocurrencies.
Solana Launches ChatGPT Plugin
As the world is moving toward artificial intelligence, the blockchain has also started to explore the possibility of integrating with artificial intelligence. Solana has become the first Layer-1 blockchain to launch a PlugIn in CHATGPT for its users.
Will Sol Price Reach $26 level?
RSI trades at 49.61, denoting a possibility of consolidation in the upcoming days in the price. The RSI suggests the price is witnessing the same pressure from bulls and bears. The current candle is not a solid bullish, and as Sol’s price reaches the resistance level, it is slightly losing bullish momentum.
Chaikin money flow score is 0.06 suggesting an increasing strength in the market. Traders should wait for the price to reach the resistance and observe how it reacts before looking for bids. Sol’s price has crossed the 20-day SMA of Bollinger bands and is headed toward the upper band.
The long/short ratio is 0.92, with 48.11% longs and 51.89% shorts in the last 24 hours, indicating a possible retest of the previous zone is possible in upcoming days.
Conclusion
The market structure and price action for Solana price has recently turned bullish, but the current candle shows a decrease in the bullish momentum. The technical indicators show that the price might experience rejection from the immediate resistance and is likely to form support before heading further upwards.
Technical levels
Major support: $19.15 and $18
Major resistance: $21.10 and $23
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.
