Bullish Price Formation For Solana – Is $30 Around The Corner?
27 Julho 2023 - 11:00PM
NEWSBTC
Solana (SOL) has experienced a notable downturn recently, unable to
sustain itself above the $32 mark. The altcoin remains below a
strong resistance level, but a potential breakthrough could lead to
a 20% price appreciation. Related Reading: PEPE Whales Load Up
Their Bags As Memecoin Jumps 13% In the last 24 hours, SOL saw a
modest surge of 2.2%, but its performance on the weekly chart shows
minimal upward movement. Despite the challenges, there are two
essential bullish signals to consider: the morning star reversal
sign and a bullish pennant formation. These signals suggest that if
SOL surpasses the immediate resistance, the coin might aim for a
rally back to levels it reached two weeks ago. In the broader
market context, Bitcoin’s re-entry into the $29,000 price level has
caused retracements in altcoins on their respective charts.
Therefore, for SOL to surpass the immediate resistance, it will
require strong support from the broader market. The market
capitalization of SOL has also experienced a decline, indicating a
slight weakening in buying strength. Solana Price Analysis: One-Day
Chart At the time of writing, SOL was valued at $24.90. The coin
tried to reach the $32 level, but the bulls faced resistance and
could not sustain it. Subsequently, SOL has been striving to breach
the immediate resistance level at $26. A successful move above $26
could propel the coin’s value to $28. It may encounter a potential
price ceiling at that level. If this level is surpassed, the coin
could rally further to reach $30. On the other hand, there is a
downside risk. If SOL fails to hold above the $26 level, it might
face a decline to $21. A further fall below this mark could result
in a drop to $18. The price movement remains crucial for SOL’s
future trajectory. Technical Analysis The market exhibited bullish
signals, with the bulls taking control despite a slight dip in
buying strength. The Relative Strength Index (RSI) indicated buyers
dominated the market, as it remained above the half-line. Moreover,
the price movement above the 20-Simple Moving Average (SMA) line
highlighted the influence of buyers in driving the price momentum.
Should the price maintain its position above the 20-SMA, increased
demand is anticipated to propel the asset’s value above the
immediate resistance line. This could potentially lead to further
bullish movement in the market. Despite the continued dominance of
buyers, SOL presented sell signals on the daily chart. The Moving
Average Convergence Divergence (MACD) formed red signal bars,
suggesting a potential slight dip in the price before any attempt
to breach the $26 mark. This indicator reflects the price momentum
and its shift. Additionally, the Chaikin Money Flow (CMF) was below
the half-line, indicating that capital inflows were lower than
capital outflows. Related Reading: Dogecoin Ascendance: How It
Captured PEPE Investors’ Attention This observation suggests a
potential decrease in buying pressure at the given moment. The
upcoming trading sessions hold significance for the altcoin’s price
movement, as the broader market may influence the further
trajectory of SOL. Featured image from UnSplash, charts from
TradingView.com
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