Solana Pressured To Register A Breakout – Can The Bulls Lift SOL This Week?
01 August 2022 - 05:20PM
NEWSBTC
The bulls are gaining dominance in the market with Solana
generating gains of 5.14% or currently at 0.001863 SOL/BTC. The SOL
price is pulled mostly by the bulls with a slight tug coming from
the bears. With these gripping forces, the SOL price is stuck.
Currently, the bulls are relentlessly pushing the price closer to
SOL’s resistance level. The bulls are putting in tremendous efforts
to punch in a breach or else the bears will consolidate and ruin
their efforts to register a breakout. With the low price, it’s now
a huge wall to breach for the bulls waiting for that breakout. SOL
Currently Trades At $41.6 Currently, the SOL coin trades at $41.6,
with a remarkable gain of 5.26% in market cap in the past 24 hours.
SOL currently has a trading volume reaching 1.8 billion,
registering traction or an increase of 0.64%, and a total market
capitalization of 15 billion seen overnight. Currently, SOL is
moving up in both the daily and hourly price charts. This proves
the point that the bulls are dominating the scene. MACD and other
technical indicators show a negative trend but now with SOL’s
bullish movement, the MACD line glides up and over the MACD signal
line. RSI which is close to 60 is also getting stronger, especially
with the increase in buying activity. The SOL price is currently a
support line of 30.96 and a resistance of $47.6 seen in the daily
price chart. With that being said, the bulls must push harder for a
breach, or else the bears will jump at the first opportunity they
see to punch a breakdown. Solana Price Indicators Show Bullish
Curve The technical indicators are getting stronger and showing a
bullish formation. Solana price is showing up from a bullish
standpoint. Price tweak and improvements were noted as it was able
to peak at $42.6 once again. The price experienced corrections in
the second half seeing a bearish trend. But, SOL was seen to
recover the past couple of days but it seems the bearish pressure
was able to set foot on the market. Despite the price increase, the
bearish pressure is still imminent. The SOL price analysis reveals
that the bulls are gaining traction despite the selling pressure as
it was able to bounce back to $42.6. SOL price is performing better
and in a way, better position compared to previous levels as it
generated over 11.37% in value seen in the past few days. Moreover,
SOL trading volume has also reduced by as much as 35% seen
overnight which triggered a market dominance showing at 1.36% for
SOL. SOL total market cap at $14.3 billion on the daily chart |
Source: TradingView.com Featured image from TheNewsCrypto, chart
from TradingView.com
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