SOLANA TOKEN PRICE ANALYSIS: SOL token price is trading at the supply zone after bouncing off the demand zone will it continue the bullish trend?
- The SOL token price is trading above the long-term demand zone on a daily time frame.
- The SOL token price is forming a flag and pole pattern in the 4-hour time frame.
- The SOL/BTC is trading at the price level of 0.001771 with an increase of 0.97% in the past 24 hours.
The SOL token price is forming a bullish chart pattern as per the price action. The token price was seen turning bullish as it bounced off the demand zone showing a rapid move. The SOL token piece is forming higher high and higher low on a 4-hour time frame. On a weekly time frame, the token price is still bearish as it forms a lower low and lower high price structure. The SOL token price is consolidating near the supply zone, as it forms a chart pattern. The SOL token price is currently trading below the 50 and 100 Moving Averages. The token price fell below the important MAs during the previous selloff and since then it has not been able to surpass the 50 and 100 MAs. Moving upwards the token price can be seen facing strong ejection of these MAs. The token price is currently trading at the upper band of the Bollinger band. This comes after the token price bounced off the lower band strongly. Volumes have increased causing the volatility to increase and therefore investors should remain cautious and wait for a proper signal.
The SOL token price is forming a flag and pole pattern on a 4-hour time frame
Supertrend: The SOL token price is trading at the supply zone, after bouncing off the demand zone. Recent bullishness has resulted in the token price breaking the super trend sell line which was acting as a strong supply zone. The recent breakout has resulted in the formation of a super-trend buy line. Moving upwards the token price can be seen resting at the super trend buy line.
Moving Average Convergence Divergence: MACD indicator has given a positive crossover as the token gave a breakout of the supply zone. The blue line crossed the orange line on the upside. This has resulted in the token price moving up strongly in a 4-hour time frame. Recently the SOL token price fell after the breakout of long-term resistance. As of now, the token price has started moving up again after bouncing off the demand zone and as a result, the gap between the blue and orange lines can be seen widening supporting the trend.
Average Directional Movement Index: ADX has been continuously rising as the token price broke an important supply zone and bounced after retesting. As of now, the token price is trading above this important demand zone. The breakout zone is now acting as a strong demand zone. At present, the token price is trading in a strong momentum, and if the same continues the token price can be seen moving higher in the upcoming days. ADX curve has dipped out of the 20 mark.
CONCLUSION: SOL token price is in an uptrend on a larger time frame. While on a smaller time frame the token is consolidating in a small range. The technical parameters are also seen supporting the trend as they turn bullish. Investors should wait for a confirmation of the recent 10% in the past 72 hours gains and then act accordingly.
SUPPORT: $32 and $30
RESISTANCE: $35 and $37