Solana (SOL) Price Prediction: SOL Jumps 7% ahead of Russia-Ukraine Second Round Of Talks

Rekha chauhan
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
Solana marred by outages this week

Solana (SOL) price books remarkable gains on Wednesday on improved risk appetite. U.S stocks pointing at higher opening amid the news of second round of negotiations between Russia-Ukraine. However, former escalated attacks as ‘special military operations’ continued for the seventh straight day.

  • Solana (SOL) knocks out $106 on Wednesday.
  • SOL prepares for $128.0 next as risk appetite improves.
  • Momentum oscillators support the bullish outlook for the asset.

As of writing, SOL/USD is trading at $104.98, up 7.05% for the day. The eighth-largest cryptocurrencies by market cap hold 24-hour trading volume at $3,888,564,620 with marginal gains as per the CoinMarketCap.

Advertisement
Advertisement

Sol creeps higher on the daily chart

Source: Trading View

Solana (SOL) price surged 50% since it hit 2022 lows at $75.0. Currently, the altcoin is hovering near the weekly highs of $104.0. However, SOL is still struggling below the 200-EMA (Exponential Moving Average) at $128.0.

A resurgence of buying pressure could propel the asset toward the crucial moving average, an ascent of 23% from the current levels.

An acceptance above the 200-EMA is required to take out a $150.0 horizontal resistance level.

Solana depreciated 68% to the January lows of $80.79 from record highs of $258.77 made on November 7.

Bulls find discount buying opportunities and result in swing highs at $122.0. Sol retracted towards new lows of $75.0 in February.

On the flip side, failure to sustain above the session’s low possibly negates the bullish outlook for the pair.

The immediate downside target could be found at Monday’s low of $84.21 followed by the horizontal support level at $75.76.

Technical indicators:

RSI: The Daily Relative Strength Index (RSI) has shown positive divergence since January 23 while currently reading at 56 above the average line. The indicator advocates for further upside in price.

MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a positive bias.

Advertisement
coingape google news coingape google news
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.