Solana Pressured To Register A Breakout – Can The Bulls Lift SOL This Week?

Market dominance is being dominated by the bulls. Solana has generated gains of 5.4%, or currently at 0.1863 SOL/BTC. While the SOL is pulled mostly from bulls, there’s still a tug from bears. The SOL price will not change despite these powerful forces.

Currently, the bulls are relentlessly pushing the price closer to SOL’s resistance level. Or else, the bears could consolidate their attempts to break out and ruin any chance of registering a breakout. With the low price, it’s now a huge wall to breach for the bulls waiting for that breakout.

SOL currently trades at $41.6

The SOL coin currently trades at $41.6 with an impressive gain of 5.26% market capitalization in 24 hours. SOL’s trading volume currently exceeds 1.8 Billion, which is a significant increase in traction (or 0.64%) and an overnight total market capitalization (15 billion).

SOL currently is rising in the hourly and daily price charts. It is clear that bulls dominate the scene.

MACD and other technical indicators show a negative trend but now with SOL’s bullish movement, the MACD line glides up and over the MACD signal line. The RSI, which has been close to 60 lately is getting stronger due to increased buying activity.

The SOL Price is currently at a support of $30.96 with a resistance level of $47.6 in the daily price charts. This means that the bulls should push for more breaches or the bears might jump at every opportunity to cause a collapse.

Solana Price Indiators Display Bullish Curve

These indicators show a bullish pattern and they are growing stronger.

The bullish perspective is showing in Solana’s price. It was again able to reach $42.6 after price adjustments and improvements. In the second half, there were corrections that showed a bearish trend.

SOL recovered over the last few days, but the bearish pressure seems to have been able to enter the market.

The bearish pressure remains imminent despite the price rise. SOL Price Analysis reveals that even with the increasing selling pressure, the bulls continue to gain traction. It was able back to $42.6.

The SOL price has been performing well and is in a better place than it was in previous levels. It generated more value of 11.37% over the last few days.

SOL trading volume fell as high as 35% over the overnight. This has resulted in a market dominance at 1.36%.

SOL Total Market Cap at $14.3 Billion on Daily Chart | Source: TradingView.com

Featured image taken from TheNewsCrypto. Chart from TradingView.com

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