- Solana coin trades sideways into the ascending triangle pattern.
- The 50-day exponential moving average acts as a current support level.
- Last night, buyers were buying aggressively as a result, volume jumped 140%.
The Solana coin outlook is bullish if we observe the price action, but the bulls seem exhausted nowadays. The reason momentum is not happening rapidly to the upside as per the buyers’ wishes. What if bulls pushed the asset price above the $50 level, will buyers hit the $60 level in the next 10 days?
However, the price action shows higher-highs formation for the Solana coin, but bears also manage their hedge zone near the $46 mark. As a result, altcoin is fluctuating inside the ascending triangle pattern. Amid sideways momentum, the triangle pattern’s range is getting narrow gradually.
While remaining within the narrow range of the triangle pattern, the SOL coin is trading at $41.1 Mark the time of writing. Meanwhile, the uncertainty observes in altcoin price as price hovers near the upwards trendline for the past few days. Similarly, the SOL coin with the BTC pair is trading at 0.001756 Satoshis, down by 1.3%.
SOL’s market cap is down by 4% in the last 24 hours at $14.3 Billion as per the CMC. The 50-day exponential moving average acts as a recent support level. Hence, buyers were buying aggressively as a result, and volume jumped 140% at $1 Billion in the last 24 hours.
Are the Bears Active at the $50 Resistance Level?
Recently, the Stoch RSI indicator broke out of the downsloping trendline after dipping into the oversold zone. Now bulls have an opportunity to propel asset prices higher above the resistance level until indicators reach the overbought zone. Fortunately, the MACD indicator is moving into the positive region over the daily price scale.
Conclusion
The Solana (SOL) coin is trading in a unidirectional trend. Buyers should wait for the confirmation of the directional move. Technical indicators display positive signs for assets, but uncertainty may still attract sellers.
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Support level – $26 and $20
Resistance level – $50 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Source: https://www.thecoinrepublic.com/2022/08/09/solana-price-analysis-despite-moving-higher-sol-fails-to-record-new-60-day-high/