- Solana attempted a rebound from the support mark of $18.00
- Bulls showed their muscles by acquiring gains in the last trading sessions.
Solana coin price was gaining momentum and showed a breakout of the trendline in the last trading session. Moreover, bulls fetch the 20-day EMA and attempt to escape the 50-day EMA which acts as a barrier now.
Moreover, the bullish marubozu candle formed in the last trading session shows the strength of bulls, which persist in resuming the reversal. The coin was under the correction phase from the previous month and spent the time in the narrow range. Although bulls have attained a grip and price also does not tank and stay in the congestion zone. However, the mighty bears continued to pressure bulls and make short positions.
The recent rebound shows that bulls are trying to change the ongoing price trend from neutral to bullish. The reversal play of bulls was at an exciting stage where SOL broke the trendline of the falling wedge pattern. The trajectory swings suggest a near-term hurdle of $26 which was the robust supply range to retest by bulls in the upcoming sessions.
When writing, Solana coin trades at $20.46 with an intraday gain of 4.92% showing bullish indications. Moreover, the pair of SOL/BTC is at 0.000754 BTC, and the intraday trading volume was increased by 3.00% to $251.26 million. The day high of SOL is $21.03, and the day low is $19.60. The market cap of Solana is $7.53 billion.
Daily Charts Shows Falling Wedge Pattern
On the daily charts, SOL was stuck in the narrow range where bulls were trying to leave the range and willing to show out-of-the-box moves in the upcoming sessions. Although trading volume increased in the last week, more buying strength is needed to sustain above 50-day EMA to gain additional strength.
The price action shows that the coin is preparing the legs for the upcoming race, and signs of bullishness were revealed in the last three trading sessions with consecutive gains. The coin gained by more than 8% in the previous three sessions.
Short term Charts Show Beginning of Bullishness
On the 4-hour charts, the SOL coin shows a massive bounce, breaking out of the trendline and escaping above the 20-day EMA. Moreover, the breakout was registered with an enormous spike in volumes, showing that mature players were involved in this bounce for further trend reversal indications.
The RSI flew above the overbought zone and showed massive buying in the intraday session, with a positive crossover noted in the index curve.
The MACD indicator showed a bullish crossover in the past trading sessions and floated green bars on the histogram.
Conclusion:
Solana coin was breaking the round level of $20 and stayed above the 20 day EMA, which suggests an upcoming bullish trend.
Technical levels;
Support Levels: $16
Resistance Levels:$25
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.