Solana Price Analysis: Will SOL Relieve Rally Sustains Beyond $48.0?

Rekha chauhan
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Solana Co-founder Compares with Ethereum as Sol Dex Volume Hits $50Bln

Solana’s (SOL) price trades higher on Thursday. The buyers emerged near the support level and managed to hold the price in the green zone. The SOL price struggled to find a bullish follow-through on Wednesday. But, the price found vital support around the 50-day EMA at $41.50.

  • SOL price manages to print modest gains following a corrective pullback.
  • The recent price action suggests bulls’ attempts to breach the critical 50-day EMA.
  • A daily candlestick below $39.50 would be a sign of trend reversal.

As of publication time, SOL/USD reads at $43.04, up 2.43% for the day.

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SOL price extends gains

Source: Trading view

On the daily chart, SOL has formed the “Cup and Handle” formation, a bullish continuation pattern. This also coincides with the crucial 50-day (EMA) Exponential Moving Average. The price was retraced from the recent highs of $0.48 to retest the formation. 

Now, the formation of a ‘hammer’ candlestick pattern validated the mentioned pattern. Amid bullish sentiment, the bulls would attempt to take out Tuesday’s high of $47.40. 

Next, the market participant would take out the $50.0 psychological level.

On the hourly time frame, the price has traded in a rising channel since July 13. However, it breaks down the lower trend line of the channel which risks the downside. But, the bulls managed to sustain the previous swing lows.

Source: Trading view

The price took support at the double bottom structure near $40.0. It breached the 50-day moving average with a strong green candlestick. The volume also supported the move. 

On moving higher, the bulls aim for $48.0 as the immediate first target.

On the contrary, if the price moves below the session’s low then it would be a negative sign. The sellers would step in to achieve the lower target of $34.0.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.