Solana Analysis: Bears Stunned as SOL Gains 18% in 24 Hours

Solana takes its place as one of the top gainers over the last 24 hours. Following the massive surge it saw on Saturday, and price action afterward, many predicted it was the end of the uptrend. The altcoin made another massive push during the current intraday session.

It added gains of more than 18% to its value. SOL started the day at $21 but faced slight drawbacks. Shrugging off this obstacle, it surged to a high of $25.7. Still trading above $25, the coin is looking to end the day at this price; marking the first time since November it is seeing such a close.

A look at the 1-hour chart gives a breakdown of how prices performed. From 16:00 UTC, Solana was raging; recording seven green candles until the time of writing. Indicators are also blaring as a result of the latest uptrend. One such is the Relative Strength Index.

Solana is Oversold

After spending more than seven days above 70, the asset’s RSI dipped below the mark. However, as a result of the most recent increase, RSI is back above the highlighted level; Solana is again oversold. Bearing in mind the rules of the Relative Strength Index, it remains to be seen how prices will react in coming days.

Before the latest feat, the Moving Average Convergence Divergence was displaying a bearish signal. There were worries about SOL having a bearish divergence as the 12-day EMA was slightly arched downward. Nonetheless, it’s back on the track and is displaying no additional information.

On the other hand, the latest 18% increase marks the first attempt this year of the asset trying to flip the 50-day MA. The altcoin continues to build more distance from the 200-day Moving Average. With respect to how prices will perform in the coming days, lets go over some key levels.

One such is te $27 resistance. It poses as one of the toughest marks as it is tightly linked with the 200-day MA.