The Solana community’s native cryptocurrency, SOL, has been on an upward surge prior to now three days, climbing from round $180 to over $210.
Having failed to interrupt its earlier low of $162.74, the coin, which is at present ranked fifth within the crypto market with a complete provide of 441 million and a market capitalization of over $88 billion, SOL is displaying no indicators of stopping.
Will Solana Proceed To Surge Upward?
On the time of writing, Solana has been up by 6.25% buying and selling round $198 prior to now 24 hours, and has damaged above the earlier resistance degree of $195. The worth can also be buying and selling above the 100-day transferring common on the 4-hour chart of the SOL/USD pair. If the value continues to maneuver upward, it’d break above its main resistance degree of $210 and transfer even larger to create a brand new excessive for the 12 months.
All these may be seen within the picture beneath:
Trying on the chart with the assistance of the RSI (Relative Power Index) indicator within the picture above, we will see that the RSI line is trending above the 50 degree. This is a sign that the value of SOL continues to be in a bullish zone and will even surge additional upward.
An additional take a look at the 4-hour timeframe chart with the assistance of the MACD indicator, we will see that the MACD is on the bullish aspect because the MACD line, the sign line, and the MACD histogram are all trending above the zero line.
Lastly, utilizing the bull vs bear energy histogram indicator, it seems patrons have taken over the market with highly effective momentum and are able to push the value even larger.
We will affirm this within the picture beneath:
With the momentum that Solana is transferring with, there’s a risk that it may break above its earlier resistance degree of $210.27. If this manages to occur we may see costs hovering larger particularly with the extent of demand momentum out there
May SOL Dip?
If the value of Solana fails to interrupt above the resistance degree of $210, it may begin a draw back correction to its preliminary assist degree of 162. If the value closes beneath this assist degree, it may decline even additional and possibly begin a downward pattern.
Featured picture from YouTube, chart from Tradingview.com
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