Solana’s (SOL), bullish sentiments are developed against tether USDT, as Solana’s (SOL), price seeks to climb with an impending break above current resistance. Bitcoin (BTC), which closed the weekly candle with a strong note, saw its price rise to $21,700. This was the highest level in several weeks. Many crypto assets have seen a rise, including Solana and SOL (SOL), with the market aiming to breakout. Data from Binance
Solana (SOL), Price Analysis on The Weekly Chart
SOL’s price has been struggling to sustain its bullish momentum over the past months. It was rejected at $45, which had been acting as a supply area for most sellers.
SOL is struggling to recover its bullish momentum despite increasing expectations of a higher price for SOL.
SOL’s weekly chart is looking good. The week ended in bullish moods and the SOL price rose. SOL is unlikely to trend higher as it has resistance at breaking below $38.
SOL’s price must rise above this point to reach $40 or possibly $45. SOL’s price must surpass this level in order to trade higher. The price could rise if the SOL price breaks out in large volumes. A failure to price SOL could lead to a retest above $31, which would be an excellent demand zone for price selling.
As the market anticipates a rally, SOL’s price appears to be increasing.
Weekly resistance for the price of SOL – $38-$45.
Weekly support for the price of SOL – $31.
SOL on The Daily (Daily) Price Analysis Chart
SOL’s daily price range appears to be bullish. Prices are aiming for a day-end high after a strong week candle close. SOL is trying to move above the 50 Exponential moving average after recovering from its daily low.
SOL prices would rise if there was sufficient volume.
SOL could retest $31 if it fails to surpass $38 in order to gain more volume and possibly rally higher than that region.
SOL’s price is trading at $37 on a daily basis, above its 50-exponential moving average (EMA). SOL’s current price is $36, and this corresponds with the 50 EMA.
A strong bullish price trend is expected if the SOL price flips the 50 EMA. A higher price movement can be expected if SOL crosses the Fibonacci (Fib), 23.6% retracement price.
Relative Strength Index (RSI for SOL) is over 50 on the daily charts, which indicates high order volumes.
Daily resistance for the SOL price – $45.
Daily support for the SOL price – $31.
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