Is It Safe To Invest In Solana Coin After Its Sudden Price Hike?

The Solana coin price is definitely one of the star performers of the recent new year recovery in the crypto market. Amid this bullish rally, the Solana price rebounded from the $8 mark and surged 177% within three weeks. Moreover, the prices show another breakout attempt from the $22.5 resistance indicating the buyers are aiming for even higher levels.

Key points

• A bullish crossover between the 20 and 50 DMA may assist coin buyers in sustaining ongoing recovery.
• The $27.2 mark stands as a crucial resistance that may stall the rising Solana price.
• The 24-hour trading volume in the Solana coin is $445.5 Million, indicating a 85.8% gain

 Source-Tradingview

The daily time frame chart shows the Solana coin price is nearly following a perpendicular rally, highlighting the aggressive buying activity in the market. Moreover, the gradual rise in volume activity also indicates the strong commitment of buyers.

During this bull run, the Solana coin price has breached multiple resistance, which now could assist buyers as a potential support to maintain this recovery. In addition, the release of December’s CPI data, i.e., 6.5%, hints at the easing of US inflation. As a result, the crypto market sustains a sense of bullish recovery.

By the press time, Solana’s price is trading place at $22.8 and shows a break-out attempt from another resistance of $22.5. A Daily candle closing about the mentioned resistance will accelerate the bullish momentum and drive the SOL price 20% higher to the $27.2 mark.

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On a country note, if the price fails to sustain about the dollar 22.5 mark, a minor pullback is expected in the coming weeks.

Technical indicator 

MACD: the increasing gap between the MACD and signal line accentuates the rising buying pressure in the Solana coin.

DMA: along with the breached horizontal level mentioned above, the SOL price also reclaimed the 20, 50, and 100 DMA. These slopes could offer additional support in times of correction phase.

Solana coin price intraday levels

• Spot price: $22.9
• Trend: Bullish
• Volatility: Low
• Resistance level- $27.1 and $30.5
• Support level- $22.6 and $17.7