Solana Analysis: SOL Flips Seven-day High. Will More Resistance Break?

Solana

Solana (SOL) is on an uptrend and raging, breaking barrier after barrier. It started during the previous intraday session and extends this sentiment into the current session.

It opened Thursday at $21 and slowly edged toward $22. It peaked at $22.5 and closed at $22.3. This also marked a more than 4% increase in the end. Following this significant change in trajectory, indicators were positive.

For example, the 12-day EMA halted its downtrend and arched upwards. We also noticed that the Relative Strength Index was at 51 during the previous 24-hour period. This reading was a sign that the coin may record more increases.

This is what we are seeing at the time of writing. Over the last 21 hours, Solana is up by more than 4%. Breaking the chart into the 2-hour interval, we noticed more details.

The coin was mostly dormant with very little change in value during the first few hours of the intraday session. The major highlight of the day started at 16:00 UTC when the struggling asset kicked off at $22.4 and peaked at $22.4. That single candle was worth more than 3%.

 

As with every price action, we also noticed notable changes in the trajectory of some indicators in the daily chart. These improvements hint that the uptrend may continue.

For example, the Moving Convergence Divergence is displaying a bullish convergence. This is a result of the 12-day EMA starting an uptrend.  A closer look at the metric shows an interception is near and may happen in two if trading conditions remain the same. RSI is also 55; depicting a gradual surge in buying volume.

With indicators confirming that the uptrend may continue, let’s go over the key levels to watch.

Solana May Flip $25

Vital Support: $21, $20, $18

Vital Resistance: $24, $26, $27

With regards to support, there are a lot of levels to watch. One such is the $21 barrier. We noticed that on a few occasions when the price get close to $22, the downtrend slows down or comes to a halt. However, the chart also shows a wick going below the mark most of the time, retesting $21. Once this happens, there is a 70% chance SOL shoots back up.

This indicates that the first barrier on the list is a strong one and may hold up against several attempts. Nonetheless, it failed three days ago. This resulted in a retest of $20. With fewer fip rates, this is another key structure to bank on while $18 comes in extreme cases.

To the top, the first barrier to contend with is the $24 resistance. Before the most recent flip of this mark, we noticed several attempts fail. We also expect several trials before SOL gains stability above it. This may also guarantee that the asset retest $26.

However, this is another strong barrier as Solana flipped once since February. Nonetheless, most of the times the altcoin broke this resistance it retested $27.

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