Price movement for Solana (SOL) looks outright bullish but at the same time sluggish as it’s unable to keep up with buyer demands.
Solana currently trades sideways, forming an ascending triple pattern. Its support level is the 50-day EMA. The volume jumped at 140% after buyers were out on a shopping spree.
SOL is moving higher because the bulls have control, and the bears want to get it lower. Bitcoin’s massive sell-off has impacted other altcoins including SOL. If the current momentum doesn’t swerve in a specific direction, SOL could be stuck in between.
Trade volume rises due to massive buying activity
Although the price action for SOL is at higher levels, the bears managed to sell it in the $46 area. SOL currently moves within an ascending triangle pattern.
CoinMarketCap says that SOL is stuck in the triangle and has declined by 4.68%. The current price of SOL at $39.76 was reported as of writing.
The uncertainty lingering with altcoin prices as it moves up inching near the trendline for the past couple of days has propelled buyers to buy aggressively pumping up the coin’s total volume at 140% or $1 billion overnight.
Recently, SOL’s RSI breached the downsloping trending after it has touched the oversold mark. With that in mind, the bulls have the propensity to push the token’s price hovering above the resistance line.
SOL currently navigates unidirectional waters. Buyers are advised to wait until they make their directional move.
SOL Price Contained Between Bulls and Bears
SOL has experienced both lower lows and higher highs, which shows a great squeeze on the coin. But, Solana’s most recent attempt on August 8 to push higher has set a new lower high spotted at $43.77.
While the token has been fighting to recover its losses, bears now dominate the market. This means that investors can expect to see a consolidation of SOL prices and then a breach at $38.22.
This could lead to a 17% crash in SOL, which might result in a return at $31.66. This level might function as a support, but it could be compromised by the liquid below.
The coin may breach this level, and the currency might then return to its weekly support level at $24.52 before it can collect the liquidity which rests below.
SOL’s price will challenge bullishness if it can jump over the $38.22 resistance level and clear the $47.43 hurdle.
Source: TradingView.com| Source: TradingView.com Featured Image from Gettotext. Chart from TradingView.com