Will the Solana Token Price Be Able to Achieve the $26 Level?

• Solana’s price has surged by over 9% in a week, showing momentum.
• The coin’s price has started trading above the 50-day and 100-day Exponential Moving Averages.
• Solana’s token price has surged for 4 consecutive trading sessions.

The market Capital of Solana Token – $8.805 Billion 

The current market price of Solana Token – $21.30

The Solana Token Overview

Solana in its current trading session is trading flat to negative as the coin price has declined by a mere $0.06 or 0.28%. SOL coin’s price has surged for 4 consecutive sessions, which signifies that the buyers are currently in control of the price. It has jumped by over 9% in a week, which shows that the bulls have dominated the coin’s price in this period.

Solana coin’s price has melted down over 90% from the high it made in November 2021. Since then the coin’s price has been declining and the sellers are very aggressive in this counter. The coin seems to forming a base at the current level and the price is gaining some momentum. The price has changed the downward structure as it is forming a higher high and high low structure. 

Technical analysis of Solana Token

Solana’s coin price has taken strong support from the rising trendline support shown on the chart in yellow. The coin has risen heavily after that and it indicates that the price is following that trendline support very positively. Its price has just crossed the 50-day and 100-day Exponential Moving Averages. The EMAs are currently present at $20.31 and $20.74 levels respectively.

The price breached the EMA resistance. It signifies that the sellers present at those levels are defeated and buyers are super strong as of now. The major resistance level for the stock is present near the $26 level, which is marked as Resistance 1 on the chart. If we consider another resistance level, it is present near the $39 level.

If we observe the support level, the recent swing low of $17.12 will act as crucial support for the price. The other two support levels for the price are present near $13.77 and $7.95, which are marked as Support 1 and Support 2 respectively. Trendline support of the rising trendline is present near the $17.71 level. The Relative Strength Index (RSI) is currently placed at 63.06. It shows that the momentum is favoring Bulls as of now.

Conclusion

The price of Solana is showing strong momentum on the upside, which is supported by the rising trendline as we have discussed above. The price has started trading above the 50-day and 100-day Exponential Moving Averages which shows that the price is now bullish. If we consider RSI then it is also rising and currently showing a strong bullish momentum. After all this observation we can conclude that the price can try to achieve the $26 level.

Technical Levels

Resistance – $26 and $39

Support – $17.12 and $13.77

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.