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.
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- 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.
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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.
Technical indicators:
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.
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Trading volume: The On-balance-volume indicator shows demand-driven growth in the price.
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