Solana Price Analysis: Key Resistance Levels Continue To Reject SOL Investors

  • Solana continues to decline for investors to break through the $50 resistance zone.
  • The SOL coin is trading above 20 on the daily price scale as well as above the 50-day moving average.
  • SOL’s market capitalization increased by 2.3% to $15 billion in the past 24 hours.

Over the past few days, Solana’s coin has been trending higher. While the market is showing a huge significant rise, SOL is showing rising indicators. The bulls have regained control of the Solana market, which will alter the trajectory of the market for the better, and SoL now expects an uptrend to begin in the next few days.

The bears, on the other hand, will do everything in their power to regain control. As a result, the SOL price remained at the $50 barrier level. The bears have been resisting the price at $48 for the past 20 days; if buyers fail to break that territory again, buyers may incur additional losses.

At the time of writing, Solana coin is trading with a sideways trend at $43.4 during the intraday trading session. Although buyers appear to be stronger than buyers, SOL’s market capitalization has therefore increased by 2.3% to $15 billion in the past 24 hours according to CMC.

Trading volume looks good for a permanent uptrend. Additionally, the altcoin remains above the 20- and 50-day moving average on the daily price scale. The bears become aggressive again near the 100 DMA (yellow).

RSI makes lower treble formation

Against the background of the daily price scale, the RSI indicator shows a low-high above the half line. Conversely, the MACD indicator is moving above the neutral zone, indicating a bullish trend.

Conclusion

The Solana coin is bullish as long as the buyers hold the price above the rising trend line. On the other hand, if the altcoin fails to overcome the recent resistance, buyers could see further declines.

Support level – $26 and $20

Resistance level – $50 and $100

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.