Connect with us

Solana (SOL)

Solana Price Analysis:- The bulls broke the resistance, and they are trying their best to increase the price. Will this bullish trend continue?

Published

on

  • The trading volume of SOL Coin in the last 24hr at the time of writing this article is +49%
  • The prices of SOL/BTC and SOL/ETH at the time of writing this article are 0.003811 BTC and 0.04595 ETH, respectively.
  • The 50MA is acting as a support.

Long term view:- 

In the daily chart time interval, the price broke the support of the 20MA and 50 MA and again, the bulls pushed the price up again, and the price is currently between 20MA and 50MA. Let’s look at the technical indicator to see if the bulls will reverse the support, or the bears will break the support? 

Firstly, we can see the MACD, which shows a red histogram as the MACD line is below the signal line, but the MACD line is heading towards the signal line. If the crosses, then it is a buy signal line for the traders. 

In addition to that, the RSI is in the neutral zone near 52, and the RSI line is pointing towards the overbought zone of 70, which means the bulls are winning the fight against the bears in the order book. Lastly, the 20MA is above the 50MA, and both are above the 100MA, but the 20MA is changing its direction and is heading towards the 50MA, which is bearish. 

Tradingview

Short term view:- 

In the 4-hour time interval, the price broke the 100MA resistance as the bulls pushed the price up. The MACD shows a green histogram as the MACD line is above the signal line, and there is no sign that lines will change their direction soon, but the lines are very close to each other. 

In addition to that, the RSI is in the neutral zone near 62, and the RSI line is pointing towards the overbought zone, which means the bulls are winning the fight against the bears in the order book. 

Advertisement

Lastly, the Moving average shows that the 20MA is below the 50MA, and both are below the 100MA, but the 20MA is heading towards the 50MA. If it crosses, it will be a bullish sign.  

Tradingview

Conclusion:- 

Looking at both long term and short term, the trend is bullish as shown in the daily chart, and the 4-hour chart as the MACD in the 4hour shows a bullish sign, and the crossing in the daily chart is also a bullish sign for the traders. In addition to that, the RSI in both cases is pointing towards the overbought zone. Hence, the trend is bullish. 

RESISTANCE:- $230,$249

Advertisement

SUPPORT:- $194,$171   

News Source

Advertisement