Solana Price Consolidates Within Ascending Channel
- Price Stability: Solana's price has stabilized between $85 and $86 over the past week after dropping from $89 on Wednesday, with technical indicators suggesting a gradual build-up of bullish momentum as buyers step in.
- Key Resistance Level: The $90 resistance has capped Solana's upside, and a breakout above this level could propel the price towards the $94 to $96 range, while failure to break could lead to a retest of the $80 support level.
- Supportive Technical Indicators: The MACD histogram has turned positive, with the signal line crossing above the MACD line, and the Aroon indicator shows increasing buying pressure, indicating a shift in market sentiment towards bullishness, potentially signaling an imminent breakout.
- Channel Pattern Confirmation: Solana has formed an ascending channel pattern on the daily chart, indicating steady accumulation by buyers at higher levels, and a decisive breakout above $90 would confirm the continuation of this pattern, further driving price increases.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SOL
Technical Sentiment Analysis for Solana (SOL). As of , Solana (SOL) is exhibiting a Strong buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 5 indicators are flashing buy, while 1 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Solana (SOL) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 74.692 | 78.816 | 82.482 | 86.606 | 90.272 | 94.396 | 98.062 |
| Fibonacci | 78.816 | 81.792 | 83.63 | 86.606 | 89.582 | 91.42 | 94.396 |
About SOL
About the author
