- The SOL coin price has given a breakout from a bullish flag pattern.
- Technical indicators summary suggested a buy signal in the current trading phase.
- The Solana price has increased by 20.93% during the weekly session.
Launched in March 2020, Solana (SOL) is an advanced functional open-source project. The protocol is designed to facilitate decentralized app (DApp) creation. Solana works on a proof-of-history (PoH) consensus mechanism combined with the blockchain’s underlying proof-of-stake (PoS) consensus. Crypto investors can buy Solana tokens on various exchange platforms like Binance, Coinbase, Bilaxy, etc.
Solana Has Witnessed Massive Growth Over the Last Six Months
In June 2023, the SOL coin price started a move from the $13.67 demand level. The price surged 140% and broke the crucial $27.14 resistance level. That single rally has changed the market sentiments to bullish.
Crypto investors were intrigued by that move; they opened their long positions on the $18.00 demand level. Consequently, the price gave almost 100% return from the demand level. It broke above the $32.71 resistance and made a minor pullback.
The SOL coin price experienced a massive buying at the end of October 2023. The price again surged by over 100% from the $32.71 level. SOL reflected a complete U-turn by that upsurge and reached the $126.40 resistance.
Subsequently, the SOL coin price made a bullish correction in the form of a flag pattern, which recently got broken by the whales at the $94.33 level. The current SOL price is moving 51.13% below its all-time high price of $260.06.
Technical Analysis of the SOL Coin Price
The SOL coin price is moving above the 50-day and the 200-day EMAs. It indicates that the current price is in an uptrend. The price is taking support multiple times on the 50-day EMA, making it a strong support slope or the current trend leader.
SOL coin price has given a breakout from a bullish flag at $94.33. The price retested that level after the breakout and surged 27%. That made the $98.65 level a bullish point of interest (POI), which supported the current SOL coin price rally.
The price has experienced an upsurge of 40% from the bullish (POI). SOL coin price created another (POI) on the $105.52 level, which can attract many buyers to take positions. It may soon claim the $179.82 level as per market technicals.
Moreover, the relative strength index (RSI) reflects a neutral perspective in the current trading phase. It indicates a converging session between buyers and sellers. RSI is moving at 72.17 in the overbought area.
Summary
Overall, the SOL coin price is moving in an uptrend. Recently, it gave a breakout from a bullish flag. The technical indicators summary suggested a positive signal in the current trading sessions. The price is moving toward the $143.78 resistance level. Regarding the technicals, the SOL price can claim the $179.82 resistance if it sustains above the $143.78 level.
Technical Levels
- Resistance levels: $143.78 and $179.82
- Support Levels: $94.33 and $78.93
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 stocks and crypto comes with a risk of financial loss.