Solana (SOL) Sees 1.6% Increase in Gains, Short-Term Outlook Remains Bullish

One sentence summary – Solana has seen a 1.6% increase in gains in the past 24 hours, nearing the $20 mark, but has experienced a 14% loss over the past 30 days; the short-term outlook for Solana remains bullish, with a critical support level at $18, and breaking through the resistance at $20 could reinforce the bullish momentum, although there is a possibility of a further slide to $15 or even $8.

At a glance

  • Solana (SOL) has seen a 1.6% increase in gains in the past 24 hours, nearing the $20 mark.
  • Despite recent gains, the token has experienced a 14% loss over the past 30 days.
  • The short-term outlook for Solana remains bullish, with a critical support level at $18.
  • To validate the ongoing uptrend, Solana must break through the resistance at $20.
  • The next significant hurdle for Solana lies at $23.

The details





Solana (SOL), a high-performance cryptocurrency, has seen a 1.6% increase in gains in the past 24 hours, pushing its price near the $20 mark.

Despite this recent surge, the token has experienced a 14% loss over the past 30 days.

However, the short-term outlook for Solana remains bullish, with a critical support level established at $18.

For the ongoing uptrend to be validated, Solana must break through the resistance at $20.

The bullish momentum could be further reinforced if a buy signal is generated from the Moving Average Convergence Divergence (MACD) indicator.

The Relative Strength Index (RSI), another key technical indicator, is in the process of validating the rebound above $20.

While surpassing the $20 mark is a crucial step, it may not be sufficient for Solana to reach $30.

The next significant hurdle for the cryptocurrency lies at $23.

A falling wedge pattern observed on the four-hour chart suggests a potential breakout to $22.5.

However, it’s worth noting that the convergence of trendlines within this pattern indicates a decrease in trading volume.

Analyzing the short-term chart, the MACD has already turned bullish, further supporting the positive sentiment.

However, if the resistance at $20 holds, Solana could be vulnerable to seller influence.

In such a scenario, support is expected at $18.

However, there remains a possibility of a further slide to $15 or even $8.

Overall, Solana’s recent price movements indicate a short-term bullish trend, with $20 serving as a crucial resistance level.

Breaking this barrier could pave the way for further gains, with the next significant hurdle at $23.

However, investors should be cautious of potential price retracements and closely monitor support levels at $18, $15, and $8.

This analysis is based on data sourced from multiple news articles.

Investors are advised to conduct thorough research and seek professional advice before making any investment decisions.


Article X-ray

A small upward arrow pointing diagonally upwards.

This section links each of the article’s facts back to its original source.

If you have any suspicions that false information is present in the article, you can use this section to investigate where it came from.

coingape.com
– Solana has seen a 1.6% increase in 24-hour gains, reaching highs near $20.
The token has experienced losses of 14% in the past 30 days.
The short-term outlook for Solana is bullish, with support at $18.
The uptrend’s validity depends on breaking the resistance at $20.
– A buy signal from the MACD indicator would reinforce the bullish grip.
The RSI is in the process of validating the rebound above $20.
– Breaking above $20 may not be enough to reach $30, so the next hurdle is at $23.
– A falling wedge pattern on the four-hour chart suggests a potential breakout to $22.5.
The convergence of trendlines in the pattern indicates a decrease in trading volume.
The MACD in the short-term chart has already turned bullish.
If resistance at $20 holds, Solana may be vulnerable to seller influence.
– Support at $18 is expected, but there is a possibility of sliding to $15 or even $8.

发表回复