SOL Trading at Key Resistance Level After Double-Digit Gain

• Solana is on the number one spot on CoinMarketCap’s trending list.
• The altcoin’s price has risen 5.18% over the last 24 hours.
• SOL’s price is now trading near a key resistance level at $25.84.

Solana has made its way to the top of CoinMarketCap’s trending list following its 18.16% price gain in the last 24 hours. SOL’s price is also up 5.18% over the last 7 days and printed an impressive monthly gain of 105.77%. According to CoinMarketCap, Solana’s native token, SOL, is trading at $24.85.

SOL’s price has also strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 10.15% and 11.22% respectively.

The trading volume for SOL is another figure that has experienced a surge over the last 24 hours. At press time, the daily trading volume for SOL stands at $1,739,759,316, which is a 135.99% increase compared to yesterday’s trading volume.

A medium-term bullish flag that SOL traders and investors should take note of is the 20-day and 9-day EMA lines crossing above the 50-day EMA line. Currently, the relative position of these 3 EMA lines signals a continuation of the bullish trend, as the 9-day EMA is positioned bullishly above the 20-day EMA, and the 20-day EMA is positioned bullishly above the 50-day EMA.

SOL’s price may enter into a slight pullback given that it is currently trading at the $25.84 resistance level, which resulted in a retracement in SOL’s price earlier this week.

Should SOL’s price successfully break above the resistance level at $25.84, then its next target will be $29.36. On the other hand, if SOL’s price fails to break above the aforementioned resistance level and a pullback does ensue, then SOL’s price will drop to $23.64 before dropping to $20.65.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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