Solana Appreciated After Latest Development, What Are The Next Trading Levels?
30 Juli 2022 - 03:00AM
NEWSBTC
Solana soared in double digits over the last 48 hours. The coin
touched the $43 mark before it started to retrace on its chart
again. In the last 24 hours, SOL just lost 0.1% of it value and
stuck to its bullish price action. Owing to its recent development,
Solana has displayed a price rally. Technical outlook of SOL was
also bullish at press time. The altcoin witnessed an increase in
buying strength. This has been influential in driving the price up.
Solana has opened up permanent retail space in Manhattan. These
stores are specifically dedicated to all things related to
cryptocurrencies. Solana Spaces, CEO Vibhu Norby also mentioned
that these physical Solana retail stores have an intention to
introduce approximately 100,000 people each month to the Solana
ecosystem. He also hinted that there are possibilities to open a
virtual storefront soon in the future. A grant from the Solana
Foundation has helped the Solana Spaces to set up a shop in Hudson
Yards New York. Solana Price Analysis: Four Hour Chart SOL was
trading at $42 at the time of writing. The altcoin was finally able
to break past the $40 price level. Overhead resistance for the coin
stood at $47. SOL has struggled to move past that price zone for
couple of weeks now. For Solana to continue its bullish momentum,
it has to trade above the $43 price ceiling level for a substantial
period of time. Nearest support line for the coin was at $40 and
$38. If the coin loses the $38 price floor, the next support line
awaits the altcoin at $36. Trading volume of Solana registered a
small decline which indicated that selling pressure might have been
on the rise. Technical Analysis SOL had just touched the overbought
price zone, however, as price gently moved south so did buying
strength. Although there has been a fall in buyers, buying strength
remained higher than selling strength at the time of writing. The
Relative Strength Index was slightly below the 60-mark which meant
that buyers exceeded sellers on the chart. The price of SOL was
above the 20-SMA line, the reading indicated that buyers were
driving the price momentum on the chart. SOL was also above the
50-SMA and 200-SMA line, that indicated bullish force in the
market. Related Reading | Bitcoin Flirts With Hurdle At $24k, Why
It Could Be In Early Days Of Recovery The altcoin reflected
increased buying pressure on other indicators as well. Moving
Average Convergence Divergence pictures price momentum and change
in the same. MACD underwent bullish crossover and presented green
signal bars which are tied to buy signals for the altcoin.
Bollinger Bands depict price volatility and fluctuations in the
same. The bands have opened up wide which indicated that price of
the altcoin could experience further volatility. For SOL to
maintain its bullish stance, buying pressure and broader market
strength will be necessary. Related Reading | Bitcoin Breaks $24k
As Exchange Whale Ratio Declines Featured image from LeewayHertz,
chart from TradingView.com
Solana (COIN:SOLUSD)
Historical Stock Chart
Von Feb 2024 bis Mär 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
Von Mär 2023 bis Mär 2024