SOL prices have increased by 12.85% in the last 24 hours. The price action shows a bullish attempt to exceed the 50-day SMA. The 50-day SMA is moving along with the resistance trend line in the daily chart, suggesting a symmetrical triangle pattern.
The buyers at the support trendline have recently dispersed a double top formation and are continuing to weaken the opposing SMA’s rejections. Furthermore, when the support trendline was raised, this suggests that a bullish breakout
SOL Technical Analysis
The SOL prices struggle to find a bullish follow-through within the symmetrical triangle as the price action bottles up the pattern. However, traders may shortly find the breakout entry opportunity as the space within the pattern fills up.
The MACD indicator struggles to sustain a bullish bias as the fast and slow line teases a bearish crossover slightly below the zero line. Moreover, the falling trend in the positive histograms increases the likelihood of a downtrend continuation in the indicator.
The RSI indicator shows a lateral trend below the halfway line struggling to find support at the 14-day SMA. However, the morning star shows an increase in the underlying bullishness as the RSI slope jumps above the 14-day average line.
In a nutshell, SOL price action analysis suggests the traders relax and wait for the price action confirmation.
SOL/USD 4-hour price analysis
Solana price analysis on the 4-hour timeframe shows that the prices are currently trading inside an ascending channel. This is a bullish continuation pattern that typically signals further upside potential in the market.
The bulls need to push the prices above the $35.19 resistance level to invalidate the bearish pressure in the market and open up further upside potential.
If the buyers can propel the prices above the resistance trendline, SOL market value may jump to the overhead resistance of $42.Conversely, if the support trendline fails to hold the bearish weight, a downtrend might drop to $28.
Overall, Solana’s price analysis shows that the market sentiment has changed to the bullish side with investors anticipating a move toward the $35 price level. The market is regaining from this week’s substantial crash and is anticipated to continue its upward trajectory in the immediate term..
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Source: https://coinpedia.org/price-analysis/solana-price-analysis-sol-price-aim-at-15-upswing-soon/