Solana Price Rallied 8% And Formed A Rounding Bottom, What’s Next?
13 Septembre 2022 - 06:00AM
NEWSBTC
Solana Price shot up by 8% over the last 24 hours, painting a
bullish chart. Over the past week, the altcoin soared almost 17%.
This made Solana one of the top gainers in the past week. Solana
has been able to break past its $33 mark and has turned bullish on
its chart. It also formed a bullish pattern, thereby giving hope to
traders. Solana might encounter rigid resistance at the $41 price
zone. Many altcoins have managed to flash signs of optimism as
Bitcoin started to trot up on its chart. The technical outlook
pointed toward the bulls taking over as demand for Solana shot up.
Traders have decided to go long given the price trajectory of
Solana. Solana has been one of the most high-performing crypto
assets in recent times. Despite high demand, if Solana doesn’t move
past the $41 price mark, a fall to its closest support level is
inevitable over the next trading sessions. The global
cryptocurrency market cap today is $1.12 trillion, with a 1.4%
positive change in the last 24 hours. Solana Price Analysis: One
Day Chart SOL was trading at $37 at the time of writing. Over the
past few months, SOL has mostly oscillated between $33 and $49,
respectively. In the past 24 hours, Solana propelled 8% and also
formed a rounding bottom pattern. This pattern is tied to
bullishness and a continuation of an upward price movement.
Overhead resistance was at $41, and a break above that would put
Solana at $49. A move above $49 could help Solana secure a
multi-month high. The immediate support line was at $33 and a fall
below that would bring SOL to $26. The amount of Solana traded
increased in the last session, signifying increased buying
strength. Technical Analysis The rounding bottom signifies that the
asset has turned bullish and could also remain that way over the
next trading sessions. The technical outlook of Solana price was
also on the side of the bulls. The Relative Strength Index shot up
above the half-line, which signalled increased buyers compared to
sellers. The increase in demand also made the Solana price move
above the 20-SMA. This reading meant that the buyers were driving
the price momentum in the market. Related Reading: Cardano On White
House Crosshair Can Push ADA Up This Route SOL’s other indicators
have also indicated that there has been an increased demand over
the past week. The Parabolic SAR, which measures the price momentum
and direction, was positive. The dotted lines below the
candlesticks meant that Solana price would increase over the next
trading sessions. On the other hand, Chaikin Money Flow, which
demonstrates capital inflows compared to outflows, was negative.
CMF was below the half-line, meaning that capital inflows were less
than outflows at the time of writing. Related Reading: Solana Nears
100 Billion Transaction Milestone As Price Aims For $40 Featured
image from The Gadgets 360, Chart from TradingView.com
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Flow (COIN:FLOWUSD)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024