- The trading Volume of Solana coins in the last 24hr at the time of writing this article is +4.17%
- The price of SOL/BTC and SOL/ETH at the time of writing this article is 0.002702BTC and 0.04352ETH respectively
- The price is taking support on the 20MA
LONG TERM VIEW:-
In the daily time interval, we can see that the bulls are pushing the price up as the bears were able to break the 20MA but the bulls were able to beat the bears and push the price up. Let’s see if the technical indicator will support this movement or not. Firstly we can see the MACD which is showing the red histogram as the MACD line is below the Signal line but the lines are very close to each other as they can intersect each other if there is the right amount of movement. In addition to that, we can see that the RSI is in the neutral zone near 49, the RSI line is pointing sideways which means the Bulls and bears are giving each other a great fight. Lastly, we can see the 20MA,50MA,100MA are above the 200MA which is a huge bullish signal.
SHORT TERM VIEW:-
In the 4hr time interval, we can see the MACD is showing a red histogram as the MACD line is below the Signal line and there is no sign that the lines will change their direction anytime soon. Having said that, we can see the RSI is in the neutral zone near 38 and the RSI is pointing towards the overbought zone of 70, meaning the bulls are winning the fight against the bears. Lastly, we can see the moving average as the 20MA is acting as a support and the rest of the moving average as the 50MA, 100MA is above the 200MA which is a bullish sign.
CONCLUSION:-
Looking at both long term and short term we can see the price is going back up as the bulls are pushing the price up near the 20MA which is acting as a support. The technical indicator we can see of the MACD is showing red histograms in both. RSI is in the neutral zone meaning the price can go up or down. So the verdict is the trend can be bullish if the bulls can take the price above 20MA. If they fail to do that the price can go down and the trend can turn bearish.
RESISTANCE:-$161,$175
SUPPORT:- $140,$127