Solana is currently in a consolidation phase. Although charts have shown some improvement, Solana is still trading at its last level in August 2013. The coin has seen lateral price movements over the past few days.
It’s possible that an altcoin might experience price movements changes after a consolidation phase. Solana’s technical outlook showed positive price movement on the hourly and daily charts.
Solana’s lowest price, which was mid-month this year, has been renegotiated by more than 40%. Solana currently trades between $44 to $58 in price. A jump of more than $70 is required if the coin must be invalidated completely by the bears.
The asset began to see northbound movement as buyers gained confidence in the market and started to enter again.
Solana Price Analysis: One Day Chart
Altcoin traded at $53 as of the writing. SOL moved sideways but the technical indicated a potential bullish revival. SOL’s nearest resistance was at $60. However, if SOL fails to surpass this level, SOL might attempt to access the next support.
SOL’s next price floor was $44.85, and $34. These levels were reached almost ten months ago by Solana when SOL was experiencing bullish price actions.
SOL just bounced off of the yellow support line at $40, which has been a longstanding trend. This is a sign that SOL is bullish. Further upside movements can also be explained by this price movement.
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Chart for One Hour
The one-hour chart shows an ascending triangle. This triangle is linked to bullish price action. Solana could easily surpass $53 and break the $60 price mark. If buyers stay consistent, it could even happen sooner.
The volume of the coin was in green, which again is directly linked to market bullishness. There is a possibility that the coin will consolidate in the next trading sessions, and then break through the sideways trading pattern.
Technical Analysis
Solana’s buying power has returned to the charts. Investors are back investing in Solana as the coin has regained some strength. Relative Strength Index showed an improvement. Solana is not currently oversold. However, it still saw greater selling pressure than buying pressure.
Following a bullish crossover of Moving Average Convergence Divergence, there were green signal bars. These green signals bars indicate a shift in price momentum and show that the selling pressure is decreasing. Solana’s selling pressure has fallen and Solana is now attempting to break through its immediate resistance.
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