Solana Zoomed Up By 20% In A Week, This Could Be The Next Target
22 Juli 2022 - 06:00AM
NEWSBTC
Solana had witnessed strong bullish force in the past seven days,
however, the bulls lost steam at the time of writing. Over the last
24 hours, the coin depleted by 9%. The current support level for
SOL stood at $38. The price of the asset registered a month high
after the massive rally that took place on July 13 . Technical
outlook for Solana pictured the bears taking over. After Bitcoin
dipped on its chart by 6% over the last day, altcoins too had the
same effect on their charts. Buying strength of Solana depreciated
considerably flashing negative price action. After a relief rally,
it is usually not uncommon for coins to retrace on their charts. If
buying strength gains strength, then Solana might again break past
its current price level and aim for the overhead price ceiling. If
SOL manages to move the $44 price mark, a visit to the $50 doesn’t
seem too difficult. Buying strength and broader market strength
will help Solana regain price momentum. The global cryptocurrency
market cap today is $1.07 Trillion with a 5.1% negative change in
the last 24 hours. Solana Price Analysis: Four Hour Chart SOL was
trading at $41 at the time of writing. The bulls lost momentum once
it hit the $46 price mark. Overhead resistance for Solana was at
$48, a move above which could help Solana touch $50 and even go
above it. A fall from the current price mark will ensure that SOL
touches the $38 mark and then touch the $30 support line. If buying
strength maintains momentum, SOL might hover around the same price
area before it attempts to rise further. Amount of SOL traded
increased signifying a rise in buying strength which can be an
indication of a recovery on the four hour chart. Technical Analysis
The altcoin’s buying strength remained low, sellers were
dominating the price action on the chart. In accordance with the
same, the Relative Strength Index displayed the same emotion. RSI
was pictured underneath the half-line and that meant decreased
buying strength. Although there was a fall in the number of buyers,
the indicator noted an uptick which can be considered bullish.
Price of SOL was below the 20-SMA, which indicated that in the
short-term time duration sellers were driving the price momentum.
Solana was however above the 50-SMA and 200-SMA which signified
that bullish action could witness a rebound. Suggested Reading |
Solana Adds 70% More Shine – Can SOL Keep The Light Coming?
SOL captured the fall in buying strength, it displayed sell signal.
Awesome Oscillator depicts price direction and momentum along trend
reversals. AO formed red sell signal bars which is a sell signal
for the asset. Parbolic SAR also indicates price direction, dotted
lines above the candlestick meant that the price direction was
negative at the time of writing. For Solana to move upwards, buying
strength will need to rise on the chart. Related Reading | Solana
And Avalanche Poised For Gains As Crypto Market Enjoys New
Tailwinds Featured image from The Financial Express, chart from
TradingView.com
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