- The SOL coin price reclaim the 20 EMA in the daily time frame
- The SOL/BTC pair was trading at 0.00331 BTC, with a gain of 3.32%
- The 24hr trading volume in the SOL coin is $4.3 Billion
As mentioned in my previous article on Solana, the SOL coin price was wavering above the 0.5 FIB for quite a while, trying to obtain strong support from it. Yesterday, the SOL coin suggested the end of its minor retracement phase when the price finally broke out from the overhead resistance of $150, with a long green and significant volume. Today the price is giving a retest to this level, trying to validate if this breakout is genuine or not.
Concerning the EMAs: The SOL price shows a solid bullish trend with its price trading higher than the crucial EMAs (20-50, 100, 200, and 200).
The RSI value is at 58, indicating a bullish sentiment within SOL coins.
The SOL Coin Chart Features a rounding bottom pattern
In the 4hr time frame chart, the SOL coin shows a rounding bottom formation. This pattern’s neckline is located at the $172.5 mark. Thus, with the current bullish sentiment, a bullish pattern like this will provide more confirmation for the coin traders, offering an excellent long entry opportunity to them. The SOL coin is currently trading at $158.7, with an intraday loss of 1.77%.
The moving average convergence/divergence(MACD) indicator shows the MACD and signal lines are moving above the neutral zone (0.00), indicating the bullish sentiment in the coin.
Conclusion: The SOL cryptocurrency indicates a bullish outlook regarding its price action and indicators, making it a great choice to hunt for long trades in the crypto market. The technical chart projects the price is continuing to rise after rebounding from $124 support. The rounding bottom pattern on this coin could provide an entry opportunity for traders once its price gives a decisive breakout from the $172.5 neckline, offering the first target to the $193 and then $214 mark.