The Solana community’s native cryptocurrency, SOL, has been on an upward surge prior to now three days, climbing from round $180 to over $210.
Having failed to interrupt its earlier low of $162.74, the coin, which is presently ranked fifth within the crypto market with a complete provide of 441 million and a market capitalization of over $88 billion, SOL is displaying no indicators of stopping.
Will Solana Proceed To Surge Upward?
On the time of writing, Solana has been up by 6.25% buying and selling round $198 prior to now 24 hours, and has damaged above the earlier resistance stage of $195. The worth can be buying and selling above the 100-day transferring common on the 4-hour chart of the SOL/USD pair. If the value continues to maneuver upward, it’d break above its main resistance stage of $210 and transfer even greater to create a brand new excessive for the yr.
All these could be seen within the picture beneath:
Wanting on the chart with the assistance of the RSI (Relative Energy Index) indicator within the picture above, we will see that the RSI line is trending above the 50 stage. This is a sign that the value of SOL continues to be in a bullish zone and will even surge additional upward.
An extra have a look at the 4-hour timeframe chart with the assistance of the MACD indicator, we will see that the MACD is on the bullish facet because the MACD line, the sign line, and the MACD histogram are all trending above the zero line.
Lastly, utilizing the bull vs bear energy histogram indicator, it seems patrons have taken over the market with highly effective momentum and are able to push the value even greater.
We are able to verify this within the picture beneath:
With the momentum that Solana is transferring with, there’s a chance that it may break above its earlier resistance stage of $210.27. If this manages to occur we may see costs hovering greater particularly with the extent of demand momentum out there
May SOL Dip?
If the value of Solana fails to interrupt above the resistance stage of $210, it may begin a draw back correction to its preliminary help stage of 162. If the value closes beneath this help stage, it may decline even additional and possibly begin a downward development.
Featured picture from YouTube, chart from Tradingview.com
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