SOL Price Analysis: Solana(SOL) Rides Bullish Channel To All Time High

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Solana (SOL)
  • SOL price reaches new all time high in market revival
  • Solana is becoming popular for its low cost and fast transactions
  • SOL price must hold its 30 MA to continue up trending.

Solana(SOL) has been gaining steam as a blockchain in response to cost and time effective incentives. Investors have been buying up SOL like crazy as the price has risen over 150% in April. SOL has been in an ascending channel for nearly 10 days holding the price steady in an uptrend.

The current price channel has been a highly respected mark for the bears or bulls to give up their strength. SOL has just experienced a touch of the bottom support of its channel. This area is also met with a major support zone at $42. To remain bullish SOL must hold the bottom trend of its channel as well its its current support range.

SOL Price Analysis: SOLUSD 4 Hr Chart

Chart By TradingView

The bottom trend line of the ascending price channel is currently met with the 30 MA, acting as support. This moving average has held the price of SOL during its uptrend the last week. A break of these levels will send the price of SOL to its support range of $31-$34. Minor support is found in the middle near $38.80.

While looking at the Stochastic RSI, we can conclude that a short term correction may be completed as the strength reset to oversold levels. This low of strength on the Stochastic RSI has not been seen for nearly 2 weeks. This can indicate the bulls are readying for another push to ATH.

SOL intraday levels 

  • Spot rate: $44
  • Trend: Bullish
  • Volatility: High
  • Support: $42
  • Resistance: $46.8

Domenic Fiore has a love for the financial markets. He decided to skip the college route to pursue entrepreneurship. He saw the vision to become an entrepreneur and wanted to achieve success from a young age. Domenic owned & operated a car detailing business since the age of 16, along with being a part of two CBD businesses through 2018 & 2019. He started his investment and trading career early trading in 2017 when he bought a newly released cryptocurrency alt-coin and saw 10x return in a few months. He then realized there was much potential and dove head first into learning everything he could. He became very passionate about technical analysis and knew it was his route to financial freedom. Over the last 4 years, Domenic has shared his analysis with many groups and received amazing feedback. Shortly after he wanted to help assist in the pursuit of spreading and helping others achieve success in the trading industry.
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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