Solana saw a lot of volatility during the previous week. One clear indication of this is its highs and lows over the last seven days. Although the week started slow, it picked up momentum as it progressed.
It recorded its largest gains of the week on Tuesday as it surged from $31 to $35. This indicates more than 6% increase which sets the tune for the following intraday sessions. It made its first attempt at the $40 resistance on Saturday.
It yielded results for a shirt while as the asset peaked at $40 but lost the mark. On the last day of the week, SOL tested the level once more which resulted in a reaction like the previous attempt.
A few hours to the time of writing, the said mark crumbled under intense buying pressure. Now, the coin is exchanging at $42 per unit. This is the first time since June 26 it is hitting this mark. Could this be the end to the bearish dominance?
Solana is Showing Signs of Leaving the Bearish Region
One clear indication of this phenomenon is the Moving Average Convergence Divergence. From this indicator, we observe that the Exponential Moving Averages are almost completely above Zero.
The 12-day EMA is a little above the mark, which is an added boost to the bulls’ bids. The 26-day EMA is yet to follow this trend as it remains below 0. Additionally, the Relative Strength Index is on an uptrend.
The metric is above 60. Another indicator that supports this claim is the Pivot Point Standard. As at the time of writing, solana is trading above its pivot point and is edging towards a retest of its first pivot resistance.
If market conditions remain the same, we may expect more vital resistance to come crumbling. One such is the $50 which may seal the coin’s victory over the bears.
