Solana Price is Yet to Reach All-time High: Can Buyers Help?

• The Solana crypto price gained 12% in the previous trading session.
• SOL price has exceeded the 20-day EMA, indicating the bullish momentum.
• Solana’s crypto trading volume has increased 85% in the past 24 hours.

The Solana price chart has witnessed an extraordinary bullish momentum since 2023 and has gained 1700% till now. Currently, the Solana price has been rising to support the trendline. The price took support on the trendline and has gained 21% in the past 10 days. 

SOL price has displayed a directional momentum since February and knocked out the $200 hurdle but failed to continue. The asset price attempted again to overcome the $200 hurdle, but investors preferred to book profit, which dragged down the price by 38% in 11 days.

At press time, the Solana crypto price traded at $162.85, gaining 2.69% in an intraday trading session. The market capitalization is $73.04 Billion, which is up by 13% in the past 24 hours. The 24-hour trading volume is $4.32 Billion, and according to the volume, it ranks 6th in the cryptocurrency market.

Solana Price Has Reached Last Swing High; Reversal or Breakout?

Solana price has surpassed the 20-day exponential moving average with strong buying momentum. After a correction phase, the SOL crypto price has triggered a breakout with a rise in trading volume. 

Suppose the SOL crypto price advances from the trendline with an elevation in trading volume, and then the buying pressure can be expected. If the chart structure manages to invite investors, then the digital asset price may record a new all-time high.

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On the other hand, if the Solana price starts trading below the trendline, sellers may show interest. Suppose the asset price slips below the 200-day exponential moving average then profit booking can be observed. 

Based on the technical indicators, the Solana crypto price traded over the key moving averages, which showcases the bulls’ strength. RSI is 59 and heading for the overbought zone, demonstrating the bullish momentum. Overall, the technical indicators favor buying momentum.

Volume is Up by 450% in 4 Days

According to the given data, the trading volume has surged by 450% in the past 4 days, which has impacted the price positively. If the trading volume is sustained, a bullish trend for the next few weeks can be expected.

Price vs Development Activity Analysis in Solana Crypto

The graph of development activity shows that the development activity in Solana crypto has decreased violently in the past few hours. However, the SOL price has reacted positively. 

Conclusion

Solana’s crypto price has been experiencing significant fluctuations, with recent bullish momentum driving the price upwards. The increase in trading volume and the ability to surpass key moving averages are positive indicators for potential future price movements. 

However, it’s essential to consider potential corrections if the price starts trading below certain key levels. Additionally, the surge in trading volume over the past few days could potentially indicate a bullish trend for the near future.

Technical Levels

As per the technical chart, the Solana price may face resistance near the $160 and $200 mark in the upcoming days. At the same time, the price may take support on the $120 and $80 levels.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.