Solana Price Analysis: What’s about this Recovery Curve of SOL?

  • Solana price is trying to regain its uptrend momentum over the daily price chart. 
  • The crypto asset has recovered till 20 EMA is now trying for 50, 100 and 200-days Daily Moving Average.
  • The pair of SOL/BTC is at 0.001773 BTC with an intraday gain of 1.36%.

Solana price has been decreasing via a curve, and the 2021 lows are now providing support. Since a few consecutive trading sessions ago, the token has been rising. As BTC, the biggest market leader, rose from the $200,000 barrier and the cryptocurrency market as a whole saw some calming waves. Solana and other cryptocurrencies have begun its recovery phase. To rise from the lower levels of 2021, the price of solana is getting momentum. Over the daily price chart, SOL currency is forming a rounded bottom pattern; nevertheless, it may not follow the pattern and still show signs of recovery in some cases.

Solana price is presently CMP at $36 and has lost 0.51% of its market capitalization in the last 24-hour period. Trading volume has decreased by 9.30% in the intraday trading session. This shows that sellers are getting involved in the trade to pull SOL coin down in the rounding bottom pattern. Volume to market cap ratio is 0.1176.

SOL coin is attempting to pick up the pace of the rise on the daily chart. The coin has been descending via a curve and is now receiving support at the bottom, so it may rise and produce a rounding bottom pattern on the daily price chart. Investors in SOL must wait till the token reaches a decent level of resistance. To continue the momentum of the uptrend over the chart, SOL coin must increase its volume change, which is now below average.

What do Technical Indicators Suggest about SOL?

The price of SOL is attempting to regain its support from the rounded bottom pattern, which served as a trend reversal for SOL. The token must climb steadily until it meets the acceptable resistance level. Technical indicators point to SOL coin’s strong rising momentum.

Relative Strength Index showcases the uptrend momentum of SOL coin. RSI is at 46 and is heading towards neutrality, it also looks determined to break out from the neutrality to surge towards the overbought territory. MACD exhibits the uptrend momentum of the SOL coin. The MACD line is ahead of the signal line after a positive crossover.

Conclusion

Solana price has been decreasing via a curve, and the 2021 lows are now providing support. Since a few consecutive trading sessions ago, the token has been rising. As BTC, the biggest market leader, rose from the $200,000 barrier and the cryptocurrency market as a whole saw some calming waves. Solana and other cryptocurrencies have begun its recovery phase. Investors in SOL must wait till the token reaches a decent level of resistance. To continue the momentum of the uptrend over the chart, SOL coin must increase its volume change, which is now below average. Technical indicators point to SOL coin’s strong rising momentum. RSI is at 46 and is heading towards neutrality, it also looks determined to break out from the neutrality to surge towards the overbought territory.

Technical Levels

Support Level: $26.00

Resistance Level: $42.00

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.   

This article originally appeared on https://themarketperiodical.com/2022/06/23/solana-price-analysis-whats-about-this-recovery-curve-of-sol/