Solana saw a 11% gain from September 7’s dip, after months of volatile market conditions. By the time this publication is made, a tenth might be meaningless. The market trend is upwards at the moment.
On Wednesday, the market reached its bottom at $33.79 before plummeting 9.29% to $30.89 on Wednesday. At this point, both the CCI and the Stoch RSI for SOL showed that the crypto had been oversold.
While SOL was recovering over the course of eight hours, trading volume decreased from the sell-off of 1.650 million to 1.280 million.
Solana Bulls Unfazed By Pressure
The drop was not significant and bulls kept moving higher. The 16.55% increase was one of the most positive price movements since SOL was implemented. According to recent research, this price action appears very bullish.
If the chart ends above the long accumulation tension (33.05), we can feel positive about the price rising to $36.50.
From the most recent available data, we can see that the current support line is located somewhere around the $32.40 price range, but the price has been trading much higher, near $35.26, recently.
Chart: TradingView.com
SOL’s support has been maintained since it broke through near-term resistance at levels of 50, 38.2, 23.6 Fib, and 38.1 Fib.
After breaking the $34.36 resistance zone, SOL is trying to merge its positions above 23.6 Fibonacci. According to the latest price analysis, this trend is in line with previous trends.
SOL To Break Resistance For $33.85
On the four-hourly chart, SOL formed a “Symmetrical Triangle.” The Symmetrical Triangle is a pattern of declining volatility.
This suggests that volatility in the market has been decreasing, and that it is more likely that SOL will break free from its zone on the higher side. SOL will likely break through its resistance on the higher end of the market, which is greater than $33.85.
According to this pattern, a breakout above $33.85 will take Solana’s price to the highs of August 25 ($36.42), followed by the psychological level of $40.0.
It may also be true for the current market. As we write, the breakout of $33.85 occurred this morning. After that the price range increased 5.77 percent.
This bullish trend hasn’t slowed down. The market continues to show strong buying signals. The next few days will reveal whether this breakout represents SOL’s next major boom.
Source: TradingView.com| Source: TradingView.com Featured image taken from TheNewsCrypto. Chart from TradingView.com