The market has experienced a jump in its value by over 1.5% within a day. The jump shows relief in the market as cryptocurrencies stabilize their value. Solana has turned out to be the best performer of the top 10 coins, gaining over 5% from the past day.
The Solana coin has been trading below the resistance zone for over a month and failed multiple breakout attempts. The coin had recently made another attempt, but the bulls and bears are fighting hard to gain power.
Following the massive price volatility the coin experienced this month, SOL price has managed to level its price and continue to trade around the month’s start levels.
The RSI average was trading below the mid-point for over a week, following which the price has displayed a sharp rise in its value recently, indicating a significant buying and selling power. Further, the averages were rejected on the overbought range, indicating a price uncertainty.
On the other hand, the MACD levels display a rising histogram in its charts, indicating a massive price action for the coin. Moreover, the charts display a bullish convergence, indicating that the price will increase further in the coming days.
If the market gains momentum and the Solana price manages to break out of the resistance zone, then the coin will gain bullish movement, and the price will continue to rise. If the bulls hold the price above $20.58, then the Solana coin will continue to rise and test its resistance level of $22 by the weekend.
On the contrary, if the bears come into power, then the SOL coin will lose its momentum and experience a dip in its value. Moreover, if the coin fails to hold the support level of $19.61, then the price is bound to test its lower support level of $18.65 soon.
Source: https://coinpedia.org/price-analysis/solana-price-analysis-will-sol-price-jump-to-22-mark-this-week/