Solana Price Prediction: SOL Price Consolidates Above The Bullish Trend line; Time To Buy?

Rekha chauhan
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Solana marred by outages this week

SOL price remains stable around on Tuesday. The price is in a downward trend since November after tagging the records highs.

  • SOL price manages to trade in the green despite the previous session’s sell-off.
  • The price remains pressured below the critical 50-day EMA.
  • Expect more losses if the price closes below $16.0.
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SOL price trades sideways

Source: trading view

On the daily chart, the SOL price trades above the descending trend line from the record highs of $260. Further, the price trades above the critical 200-day EMA and 50-day EMA. This indicates an underlying bullish momentum in the asset.

SOL price stated the new series on a higher note. But the upside seems limited near $150. A resurgence in the buying momentum could strengthen the current price action at least in the short term.

If the price remains steady above the bearish sloping on a daily closing basis then the bulls will face upside hurdles. On moving higher an immediate resistance barrier is placed near the January 13 highs of $160. Next investors would crave for a horizontal resistance level near $180.0.

A sustained buying pressure would further push the price towards higher trajectories. The ultimate target for the bulls could be found at $200.0.

On the other hand, if the price fails to sustain the sessions low then it would invalidate the bullish reversal arguments. The bears would revisit the horizontal support level placed at $115 followed by the lows of March 27 at $98.0

As of publication time, SOL/USD trades at $133.34, up 0.72% for the day. The sixth-largest cryptocurrency by the market cap holds a 24-hour trading volume holds at $2,621,743,109 according to the CoinMarketCap.

Technical indicators:

RSI: The daily Relative Strength Index slipped below the average line. Currently, it reads at 45.

MACD: The Moving Average Convergence Divergence hovers below the midline with a neutral bias.

 

 

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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.