- Solana price is currently trading at $26.15 with an advance of +1.87% in the last 24 hours with a popularity of 1,822,461x ranking 175th as per CoinMarketCap.
- Digital asset investment products are showing consecutive inflows of funds totaling $137M as per CoinShares.
- SOL shows a spike in the number of Twitter followers resulting in the number of 2,272,282 resulting in the rise of the number of Telegram users to 54,604.
Solana price has been consolidating for a long time in a zone and has recently broken out above it and currently trading with a decline of -10.02% in volume resulting in $2.48B with an advance of +4.65% in Open Interest.
Solana (SOL) is a cryptocurrency and blockchain platform that enables decentralized applications (dapps) and smart contracts. Solana boasts to be the world’s fastest blockchain, with a high capacity and low delay. Solana uses a hybrid consensus mechanism that mixes proof-of-history (PoH) and proof-of-stake (PoS) to ensure scalability and security.
Solana Price Technical Analysis
Market Structure:
Solana price has been consolidating in a range for a very long time and has broke out very recently and is currently taking support at the previous swing high and can continue the momentum if buyers continue to push the price upwards.
Solana Indicator Analysis
Source: SOLUSD.COINBASE.1D by TradingView
EMA:
The SOL price has been trading in a range for a very long time which resulted in the consecutive contraction of multiple EMA’s presenting uncertainty and indecision in the market but recently the markets broke out in the upwards direction resulting in a bullish crossover which indicates positivity in the market.
RSI:
As per the SOL price, the RSI looks extremely strong as it has broke out the 65 levels of the RSI and is currently taking support at the same. This represents how active the buyers are in the market, which can lead the market to a new height.
Conclusion
Looking at the current charts we can say that the Solana crypto is strongly bullish as of now as the EMA’s are trading in a bullish crossover and the RSI is also acting positive and also the market has given a bullish breakout out of the consolidation zone and has also broken out above the trendline.
Technical Levels
- Support Level – The Support level for the Solana crypto are 25.35 and 20.16.
- Resistance Level – The Resistance level for the Solana crypto are 37.55 and 47.30.
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
