Solana Price Prediction: An Inverted Hammer Candlestick Indicates A 38% Upside

By Rekha chauhan
April 13, 2022 Updated April 13, 2022
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Sol price is consolidating below the critical moving averages since April 9. Currently, the sol buyers are making efforts to make a comeback, but face upside challenges. The recent downswing has pushed it below a long-standing trend line, indicating a bearish outlook.

  • Sol price remains muted with sideways movement.
  • Expect, an ascent of 38% from the current levels with the formation of ‘inverted hammer formation.
  • A daily close below $0.98 will invalidate the bullish outlook in the pair.

Sol price trades near support

Sol price is currently trading near $0.70, oscillating near a well-guarded support zone. This is a support-turned-resistance level. Now, the formation of an ‘inverted hammer’ indicates a reversal is around the corner.

Source: Trading View

However, still upside challenges lie in the form of the crucial moving averages placed at the 50-day and 200-day EMAs (exponential moving averages) at $106.88 and $114.42 respectively. If the price managed to move beyond the mentioned filters, the next hurdle will be faced near the ascending trend line at $120.

An acceptance above $120.0 will validate the bullish outlook in the price. As of now, the SOL buyers will flex their muscles to take out the highs of April 2 at $143.57.

While, all things look positive for SOL price, still a spike in the sell order would result in the break of the $0.90 support level.

On moving downside, the sellers would collect the liquidity around $0.80.

As of press time, SOL/USD reads at $103.76, up 0.49% for the day.

Technical indicators:

RSI: The daily relative strength index hovers near the average line with a neutral bias. Any uptick in the indicator would support the bullish outlook.

Volume Indicator: The indicator approaches the oversold zone with the decline in the price. A bounce-back is expected.

 

 

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. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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