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The Solana coin price rising for five consecutive days has recorded 22% growth from the $20 support. This recent recovery breached a long-coming resistance trendline, indicating an early sign of trend reversal and offering a long entry opportunity to traders. Here’s how this bullish breakout could bolster the SOL price for the massive bullish rally.
Key Points
- The increasing selling pressure at the $24.5 mark indicates the Solana price may witness a temporary correction before the next recovery cycle begins.
- The coin price suitability above the breached trendline will indicate the market sentiment is switching from selling on rallies to buying on dips.
- The 24-hour trading volume in the Solana coin is $950 Million, indicating a 426% gain.
Source-Tradingview
On April 11th, the Solana coin price gave a massive breakout from the resistance trendline carrying a steady downfall for the past 10 months. This breakout could offer buyers significant footing to prolong the ongoing recovery rally. As of now, the SOL price trades at $24.11 with an intraday gain of $1.26%.
However, the daily chart started showing a short body candle and increasing higher prices wick indicates the selling pressure is rising. These rejections could be a sign of short-term traders booking profit which may trigger a temporary pullback.
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The potential correction will retest the breached trendline and validate whether the price can sustain this breakout or not. If the prices manage to hold above the aforementioned level and interested traders grab an entry opportunity.
The resulting rally may drive the Solana price to potential targets of $26.9, $37.76, and $48.2.
On a contrary note, a breakdown below the trendline could invalidate the bullish thesis.
Technical Indicator
Moving Average Convergence/Divergence indicator: With a bullish crossover, the MACD(blue) and signal(orange) line breakout above the midline gives an additional confirmation for uptrend resumption.
Exponential Moving Average: the daily EMAs(20, 50, and 100) moving near the breakout point could offer strong support during the potential retest phase.
Solana Coin Price Intraday Level
- Spot price: $24.19
- Trend: Bullish
- Volatility: Low
- Resistance levels: $26.8 and $30.5
- Support levels: $16.8 and $15
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