Solana price analysis: SOL recovers 60% cost rapidly, but have you noticed hidden divergence? 

• Solana Coin has outperformed over the past two weeks, as a result of which the bulls are back by around 67% in just 13 days.
• Buyers managed to trade Solana price above the 20-day exponential moving average as it moved towards the 50-EMA on the daily price scale.
• Trading volume decreases during a bullish move. Is this a sign of uncertainty during a directional trend?

The valuation of Solana (SOL) has been declining for the previous five weeks due to a declining trend. Coin buyers, on the other hand, gave an overly optimistic breakout from their dynamic resistance on June 20, indicating a healing possibility for traders.

The weekly price candle is bullish by 24%, and the Solana coin is currently trading at $42.3 against the USDT pair. Buyers should be encouraged to break through the prompt resistance of $48.3 and climb to the $59 mark if they continue to buy.

Buyers are pushing the SOL price up to the latest resistance level of $50. Meanwhile, the Solana token outperformed last week, providing bulls with a nearly 67% return in just 13 days.

Source: SOL/USDT by tradingview 

According to CMC, the recovery led to the market cap of SOL rising above $14.8 billion, which is up 7% in the last 24 hours. Furthermore, the Solana coin with bitcoin pair is trading up 4.4% at 0.00197 satoshis.

Buyers managed to trade Solana price above the 20-day exponential moving average as it moved towards the 50-EMA on the daily price scale. But as against the bullish momentum, the trading volume turns down, can we consider this a divergence, and will it affect the bullish rally?

The trading volume shows a bearish divergence

On the daily price scale, the RSI indicator remains above the halfway mark (50-point) after a prolonged period. Furthermore, the MACD is moving towards the neutral line where the histogram is moving into the positive zone with green bars.

Conclusion

The big bulls well played with the Solana coin and made excellent profits in the last two weeks. Despite this fact, a reduction in trading volume could affect short-sellers near the $50 resistance area.

Support level – $30 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, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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