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SOL price breaks out of the bullish pennant pattern, rising for several trading sessions. - 2
A possible golden cross in the future can uplift prices further. - 3
Exchange Crypto.com became the most recent provider of SOL staking services.
Solana received a much-needed pump, after the crypto exchange Crytpo.com became the latest provider of SOL staking service. SOL price forming a bullish pennant pattern, broke out forming a bull run for five consecutive trading sessions. The previous predictions regarding SOL price breaking above $23 paired with bullish sentiments, matches the current price surge. Despite recent surge, development activity declines, lowering investor confidence in the network. A substantial recovery could be jeopardized by this trend.
The Monoscope
SOL price breaks out of the pennant pattern under bullish influence and marks a rally by more than 25%. The rally was formed after taking support at $21.85 and rising towards higher price levels. The price spike made the trading volume jump bounds as it witnessed rising buyer interest. The Bollinger Bands diverge widely after the price rocket to suggest a highly volatile market. The spike in OBV supports the bullish projections for Solana. The EMA ribbon poses a possibility of a golden cross to be formed soon, to match the high run.
SOL price rises to $25 price level, intensifying the bull run. The Super Trends shoot up to reflect the sudden price surge. The CCI finds a spot beyond 250-level to show the drastic difference between present price and historic prices. The MACD undergoes a bullish divergence and records tall ascending buyer bars. The RSI escalates to the overbought zone to represent the overwhelmed emotions of buyers. The indicators in the daily time frame suggest uptrending price movement.
The Microscope
In the smaller time frame, SOL price action displays bullish attributes and continues to rise. The Super Trends suggest a rising trend for Solana, and project an extended bullish swing. The CCI, after dropping, remains beyond 100-mark and mirrors ongoing bull trend. The MACD moves further in bullish divergence and records buyer interaction for rising SOL price. The RSI rises higher in the overbought zone to display the buyer sentiments with respect to the SOL price rocket.
Conclusion
Due to the new exchange expanding the staking service for Solana, SOL price witnessed a robust bullish momentum, and reached beyond the $25.00 price mark. The present momentum is projected to increase after the formation of the golden cross in a few days. The prices can witness resistance near $26.25, and dip temporarily.
Technical levels
Support levels: $21.85 and $20.05
Resistance levels: $26.25 and $27.40
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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/2023/04/13/sol-price-predictionsolana-breaks-out-of-bullish-pennant-pattern/