Over the past 48 hours, Solana has soared by double digits. Before it began to reverse on its chart, the coin reached $43. SOL has lost just 0.1% in the past 24 hours and continued to follow its bullish price action.
Solana is experiencing a recent price rise due to this development. SOL’s technical outlook was bullish as well.
Altcoin saw an increase in its buying power. This is what has driven the altcoin’s price higher. Solana created permanent retail spaces in Manhattan.
This store is dedicated exclusively to cryptocurrency.
Vibhu Noby, CEO Solana Spaces mentioned also that physical Solana retailers have the intention of introducing approximately 100,000 people per month to Solana.
He suggested that there might be a future virtual shopfront. Solana Spaces was able to establish a business in Hudson Yards New York with the help of a grant provided by the Solana Foundation.
Solana Price Analysis: Four Hour Chart
SOL traded at $42 as of the writing. Finally, the altcoin broke above $40 in price. The coin’s overhead resistance was $47. SOL has not been able to surpass that price level for several weeks.
To maintain its bullish momentum Solana must trade at least $43 above the price ceiling for a significant period.
The closest support level for the coin was between $40 and $38. The altcoin will be the support line at $36 if the price of the coin drops below the $38 floor.
Solana’s trading volume showed a modest decline that indicated an increase in selling pressure.
Technical Analysis
SOL just crossed the threshold of overbought, but as prices moved down, so did purchasing strength. Even though there was a decline in buyers at this time, the buying power remained greater than selling strength.
Relative Strength Index fell slightly below 60, which indicated that sellers outnumbered buyers. SOL’s price was higher than the 20-SMA, which indicated buyers driving price momentum. SOL also topped the 200-SMA (50-SMA) line. This indicated a bullish market force.
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Indicators such as price momentum and change were also reflected in the altcoin. A Moving Average Convergence Divergence picture price momentum. MACD went through a bullish crossover, and it presented green signal bar that is tied to buy signals.
Bollinger Bands show price fluctuations and volatility. These bands are widening, which indicates that the price of altcoin may experience more volatility. SOL must maintain its bullish position by buying more and strengthening the market.
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Featured Image from LeewayHertz. Chart from TradingView.com