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Solana
- Solana price surged 10% and witnessed a spike in buying volume.
- SOL price sustained above the 50 day EMA and is approaching toward the 200 day EMA.
- Solana crypto price seems to be stuck in a narrow range of consolidation.
Solana price jumped 10% on a previous session and attempted to break out of the previous month high at $23.91. Solana crypto witnessed a massive spike in buying volume, indicating some genuine buyers had taken a long position from the lower levels.
SOL price succeeded to defend the $20.00 support and showed signs of bullish trend reversal. Solana crypto price managed to climb above the 50 day EMA which shows the short term trend is in upward direction. However, the prices are approaching the 200 day EMA which might act as an immediate hurdle for the bullish traders.
Solana price is trading at $22.74 with an intraday decline of -1.04% and 24 hour volume to market at 0.126. The SOL/BTC pair is trading at 0.0007575 with an intraday decline of -0.51% showing divergence between both the pairs.
At the beginning of March, Solana price dropped below the important support of $20.00, which disturbed the investors’ sentiment. Luckily, the downfall was temporary and SOL price bounced back by finding support near the demand zone at $16.00.
Will Solana Price Expand Upside?
Solana price hit a low swing at $16.00 and recovered about 40%, which indicates responsive buyers are active at lower levels. SOL price consolidated for a few weeks in the narrow range between $20.00 to $23.00 and finally showed signs of range expansion. However, the SOL price will gain momentum when buyers are able to break the $24.00 level.
Technical analysis suggests, Solana price is in bulls grip and probability of the upward range expansion remains high. On the other hand, if the price drops below $20.00, the bears will try to drag the price further down toward $16.00.
SOL Price Formed a Long Term Base
SOL price had formed a bullish candle on the weekly time frame and broke out of the previous two weeks high. Solana price seems to be forming a long term base near $20.00. If any short term correction is triggered from the supply zone, then the possibility of a bounce back from lower levels is high.
Technical indicators like MACD had generated a positive crossover and histogram bar is on rise. It means that bullish momentum may continue for some more time. The RSI at 61 sloping upward denotes strength of bulls and more room for upside is open.
Conclusion
Solana price surged 10% on a single day and created hope for upside range expansion. However, the SOL price will gain momentum when buyers successfully break the $24.00 hurdle level. Technical analysis suggests Solana crypto price is in the bulls grip and more upward momentum is possible.
Technical levels
Resistance levels : $28.00 and $30.00
Support levels : $20.00 and $16.00
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.
