- Solana escaped a narrow range of consolidation on the daily price scale.
- SOL price is trading above the 20-day exponential moving average.
- The Choppiness Index moves high and shows low volatility,
At that time the Solana coin is trading sideways and buyers have been battling low volatility for the past three weeks. This limited market dashes the bulls’ bullish hopes. The low volatility occurs because the market leader – bitcoin often fails to sustain the $20K level.
However, buyers appear aggressive towards a slight upward move closer to the weekend. Thus, the SOL coin is trading at the $34.5 mark with a 2.6% gain at press time against the USDT pair. Furthermore, the Solana coin belonging to the bitcoin pair is trading at 0.001812 satoshis, up 7.7% overnight.
The SOL price is remaining above the 20 day exponential moving average this week. Now the 50-EMA stood to be a key resistance level of Bulls in the context of daily price scale. Despite the bullish momentum the Choppiness Index moves higher and shows the low volatility (sideway Trend). This sign may impact the upside rally ahead in the short-term bullish market.
The trading volume looks low compared to last week, but low trading volume amid higher-low momentum is not good for accumulation. Although, it was recorded at $1.03 Billion in the last 24 hour. Likewise, the Market cap of SOL crypto increased by 8.4% at $12.25 Billion overnight.
SOL Coin is Looking Sideways
The RSI indicator moves above the semi-line (50 mark), showing the positive momentum for the Solana coin. Although, MACD is also moving towards the neutral zone but buyers are not confident to make any long based on MACD.
Conclusion
The Solana coin (SOL) is showing positivity in intraday trading sessions as RSI indicator moved above semi-line. Buyers may struggle at the 50-day exponential moving average because the Choppiness Index is rising higher.
Support level – $30 and $26
Resistance level – $40 and $50
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
