NewsletterSolana Coin Is On Six-Day Winning Streak, But How Long Will This Recovery Last?
While the overall market is still struggling with uncertainty, the Solana coin price outperformed a majority of cryptocurrencies this week. This ongoing recovery rally was initiated when the prices rebounded from the 2022 low of $8 on December 29th. Thus, the SOL price rose in a V-shaped manner with rising volume, indicating aggressive buying in the market.
Key points
- The rising Solana price may struggle to surpass the $15 barrier
- However, the $15 breakout could encourage SOL to a more 20% rise.
- The 24-hour trading volume in the Solana coin is $1.39 Billion, indicating a 136% gain.
Source-Tradingview
The Solana coin price rose for six consecutive days and registered 34% growth to reach the current trading price of $13.6. Furthermore, this bullish reversal gave a massive breakout from the local resistance of $11.3 and $12.8, providing additional support for buyers to climb higher. However, this altcoin may revert lower to test the $11.3 mark as potential support.
If the Solana coin sustains the potential retest phase, the prices should rise 8.21% and challenge the monthly resistance of $15. The coin holders should look out for the aforementioned resistance as it had strictly restricted bullish growth from mid-November to December.
Also read: Solana (SOL) Price Spikes As Dogecoin Killer BONK Gains Hype
Concerning the overall downtrend, this recovery is still considered a temporary rise and may face phase some correction before it develops into an established bullish rally.
Thus, a higher possibility of price reversal from the $15 resistance may encourage a sideways trend in Solana price for a few trading sessions.
On a contrary note, if the Solana price gave a daily candle closing above the $15 mark, the bullish momentum will intensify, and the price may rise 20% to hit the $18 mark.
Technical indicator
Relative strength index: the daily-RSI slope showed a sudden jump from the oversold region to above the neckline of bullish territory, accentuating the intense buying pressure in the market.
EMA’s: the recent price jump pierced the 20-day EMA, offering an early sign of price recovery.
Solana coin price intraday levels
- Spot price: $13.58
- Trend: bullish
- Volatility: Medium
- Resistance level- $0.373 and $0.41
- Support level- $0.31 and 0.26
- Just-In: Startale Launches Super App for Sony’s Soneium Blockchain Ecosystem
- Breaking: Canary XRP ETF Gets Approval with 8-A Filing to List on Nasdaq
- New Draft Crypto Market Structure Bill: Everything You Need to Know
- Uniswap Launches UNIfication to Overhaul Governance Model: Report
- Vivek Ramaswamy’s Strive Acquires $162M in Bitcoin, Surpasses Galaxy Digital in BTC Holdings
- Bitcoin Price Eyes Bulls as Crypto Market Structure Bill Draft Finally Drops
- SUI Price Eyes $20 Amid Bluefin Partnership and 2M Token Lending Deal
- HBAR Price Prediction: Analyst Eyes 90% Surge Amid Taker Buy Dominance
- Expert Predicts 200% Shiba Inu Price Surge as Open Interest, Burn Rate Spikes
- Solana Price Eyes $200 This Week as Spot ETFs Lead $137M Inflows
- Pi Network: What’s Keeping Pi Coin Price $0.30 Below?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
