SOL Surged 21% In Two Days; Is $60 Next?

Solana (SOL) price extended the gains for the second straight day. The bulls dominate the price action as it refreshes more than a one-month high near $46.0.

• SOL price continues to trade higher on Tuesday with good volumes.
• The 24-hour trading volume rose to 68% at $2,415,310,493 supporting the upside move.
• Buyers managed to take away the critical resistance zone extending from $44-$46.

SOL price set for another leg-up

On the daily chart, the SOL price indicates a bullish path following a breakout of an ‘Inverted Head & Shoulder’ pattern. In addition to that, the medium term-support turned into resistance after a healthy breakout.

The $42.75 remained a crucial level to trade as it binds both support and resistance level in the earlier trading session. After testing the resistance the SOL price started to fall and made a double bottom structure, which resulted in swift price recovery.

Furthermore, the price trades above the 20-day EMA (Exponential Moving Average) at $35.43.

A daily close above the session’s high would warranty further upside toward the psychological $50.0 level.

On the hourly chart, SOL is making higher highs and higher lows, and trading in a rising channel. The SOL price gave a breakout of the ascending channel with decent volumes. However, it is not able to break its previous swing high, which is going to act as immediate resistance. 

Now, the price could retrace back to the upper trendline of the ascending channel. This would confirm the breakout of the channel and would confirm the continuation of the upside movement.

How to trade SOL

A minor retracement is expected in the smaller time frame. However, it could be a viable dip-buying opportunity for investors. In the long-time frame, the SOL price produces a healthy breakout above $44.0.

As of press time, SOL/USD trades at $46.26, up 6.08% for the day.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.