Solana Price surges 35%; SOL Price prepares to reach $40.00?

• Solana Price up by 35% in the current week and hits YTD high.
• SOL Price holds the 50 and 200 day EMA show trend is reversing upward.
• Solana Price Prediction remains highly bullish and suggests a rise till price sustains above $20.00.

Solana Price up by 35% in the current week and displayed a massive breakout. It broke the $27.00 hurdle and hit new YTD highs. The surge in the buying volume is also visible which shows geninne investors have turned bullish and expecting outperformance. 

Solana Price succeeded to climb above the 50 and 200 day EMA showcase the trend is reversing upward. However, the prices have gone far away from the EMA so minor retracement is possible. 

For the past few months, SOL Price consolidated in the wide range between $27.00 to $16.00. In the mid of June, sellers once attempted to pull the prices below the lower range. But luckily the responsive buyers came forward and showed a minor bounce.

Slow and steady SOL prices begin to recover by forming higher high candles. It recovered 108% approx from the recent swing low which triggers the positive sentiment and regains the confidence of investors. 

The recent rally in Solana Price looks sustainable and buyers dominance is visible. Solana Price is trading at $28.01 with an intraday rise of 7.69%. The 24 hour volume to market cap is 22.85%. 

Will Solana Price continue the momentum?

Solana Price Prediction is bullish and suggests a significant rise is possible till it holds $20.00 level. It showed a sharp up move which grabbed the attention of long term investors. 

The support levels are shifting higher and higher shows that bulls are strengthening their grip. If any short term correction triggers then the buyers are expected to absorb the sell off near to the support level. 

Till the price sustains above the $20.00 the positive momentum will be intact and the probability of bounce back is high. The technical analysis suggests, SOL Price is in bulls grip and more upward  momentum is possible.

SOL Price turned bullish on multiple time frame

SOL Price rose for 4 consecutive weeks and formed a bullish pattern. The price is turning bullish on multiple time frames. The breakout looks sustainable and prices are expected to hold the higher levels. 

The MACD curve is rising upward and displays a sharp positive crossover. The distance between MACD curve and moving average is getting wider indicates bullish momentum is likely to continue. The RSI at 83 denotes overbought territory which might create concern for the short term traders. 

Conclusion

Solana Price up by 35% in the current week and breakout of the higher range of consolidation. The recent rally looks sustainable and bulls dominance is visible. The technical analysis suggests, SOL Price is in bulls grip and probability of reaching $40.00 is high. 

Technical levels

Resistance levels: $32.00 and $38.00

Support levels: $24.00 and $20.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.