SOL price manages to print gains on Thursday. The price tested fresh highs near $127.0 for the first time since January. SOL surged nearly 56% from the lows of $80.0, this also constitutes a round bottom technical formation.
- SOL price extends the gains for the third session in a row.
- More gains as the price sailed above the crucial 200-day EMA.
- The trading volume holds at $4,070,590,287 with nearly 30% gains.
SOL price looks north
On the daily chart, the SOL price tested $124.0 for the first time in 2022. The price recently breached the critical 200-EMA (Exponential Moving Average) since being tested on January 22. This is a strong sign for the continuation of the upside momentum.
A daily close above the session high will invite more trading opportunities for the buyers. The price would target the highs of January 22 at $143.96, an ascent of 15% from the current levels.
After tagging the mentioned levels, bulls will be further encouraged to take out the $160.0 horizontal resistance level amid sustained buying pressure.
On the contrary, if the price sliced the 200-day EMA support it would invalidate the bullish outlook in the pair for at least in the short term. On moving down, the first downside target could be found at the $100.0 mark. An extended sell-off would bring the $80.0 level into play.
As of publication time, SOL/USD is trading at 126.80, up 4.91% for the day. The 24-hour trading volume of the eight-largest cryptocurrency by market cap is holding at $3,949,454,389 according to the CoinMarketCap.
RSI: The daily Relative Strength Index moved sharply above the average line. However, it reads at 72 not far from the overbought zone.
MACD: The Moving Average Convergence Divergence sliced above the midline with a bullish bias.
Trading volume: The On-balance-volume indicator shows demand-driven growth in the price.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3