Price Analysis

Solana Price Breakout from Multi-Month Resistance Hints a Massive Move Ahead; Enter Now?

SOL Price Prediction: A deceive breakout from the overhead trendline offers an early target of 17%, but that’s not it.
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Solana Price Breakout from Multi-Month Resistance Hints a Massive Move Ahead; Enter Now?

 The leading cryptocurrency Bitcoin has recently reached a 10-month high of $30,000, triggering a positive shift in market sentiment toward recovery. As a result, the Solana price surged 12% today and breached an 11-month-long resistance trendline. This bullish breakout could be an early sign of trend reversal offering an excellent risk-to-rewards ratio.

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Key Points

  • A high momentum breakout from the long-coming resistance trendline reflects a sign of a sentiment shift from selling on rallies to buying on dips.
  • A potential retest to the breached trendline could offer an entry opportunity to trades.
  • The 24-hour trading volume in the Solana coin is $950 Million, indicating a 426% gain.

Source-Tradingview

The daily time frame chart clearly shows the Solana price has been receiving heavy selling at a downsloping trendline. The multiple reversals from this dynamic resistance indicate the sellers getting active at bullish pullbacks which is a key trait of an established downtrend.

However, a recent phase of uncertainty in the crypto market prevented sellers from prolonging an aggressive downfall resulting in a consolidation phase in the last three weeks. Amid this tug of war, the buyers wrestling for trend control gave a massive breakout from the aforementioned trendline.

Also Read: Top Crypto Copy Trading Platforms For 2023

The breakout candle backed by a significant rise in volume indicates the buyers are committed to reaching higher levels. If the daily candle closes above the trendline, the buyers obtain significant footing to prolong the price recovery.

With sustained buying, the Solana price may rise 16% to reach the first target of $26.8, followed by $30.5, and $30.5.

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Technical Indicator

RSI: The daily RSI slope surged into bullish territory indicating strong buying pressure in the market. 

EMAs: The coin price moving above the daily EMAs(20, 50, and 100) offers strong support to buyers during occasional pullbacks

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Solana Coin Price Intraday Level

  • Spot price: $23.19
  • Trend: Bullish
  • Volatility: Low
  • Resistance levels: $26.8 and $30.5
  • Support levels: $16.8 and $15
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Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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