Most altcoins have adopted the recent uptrend the bitcoin shows, as the digital currency market tends to flip bullish in current trends. Solana has been one of the highest risers in previous weeks.
Bullish Price Trends
Technical charts show the seventh biggest cryptocurrency has adopted a bullish trend after breaching its resistance level of $33. Charts also reveal that SOL surged about 8.8% in the last 24 hours. It has similarly gained by 17% in the previous week.
The uptrend pattern shown on the charts raised the hopes of its investors. Also, SOL set a new resistance price level at $41, although this might be difficult to breach.
The technical charts show the bulls are taking charge, as the altcoin witnessed an increased demand. The price trend also shows traders are willing to invest in SOL.
Recently, SOL activities in the digital assets market have been decent. It will, however, need to breach its $41 resistance level in the coming trading periods to avoid dipping beyond the support zone.
SOL 24-Hour Price Chart.
Analyzing the SOL price chart in the previous 24 hours, there was an increase of 8.8%. We also noticed a rounding bottom pattern popularly associated with bullish price trends.
The coin currently eyes a record high in many months if it manages to breach the $41 resistance level. That will move SOL closer to $49.
Also, the coin’s price chart indicates a strong buying uptrend, and it recorded an increased transaction volume. The coin should, however, be careful not to dip past the $33 support level to avoid dropping to $26.
The Technical Indicators
Bulls have taken over the driving seat of the crypto assets because of an increased volume demanded by traders, as the price surged above the 20-Simple Average Movement.
The Relative Strength Index (RSI) indicator for SOL also jumped above the midpoint revealing the volume of buyers superseded sellers in the market. A rounding bottom in one of the charts also forecasts a lasting price uptrend in the coming trading periods.
The PSAR indicated a positive price movement. It also shows the chances of an increase in the value of SOL in the coming trading rounds. The Chaikin Money Flow currently recorded a greater outflow in the volume of capital flows as it is below the midpoint.
The study of SOL price trends in the last few months shows fluctuations within the $49 and $33 ranges. CoinMarketCap shows SOL is currently $38.52.
The cryptocurrency market has grown by 1.4% in the past 24 hours, bringing the total market cap to $1.12 trillion.