Solana is showing a lot of potential as at the time of writing. Nonetheless, it failed to record any significant change in price and momentum. The previous intraday session was one that saw both the bulls and bears thrive.
However, it ended in a doji but hinted at the sellers edging. During the current trading session, the coin is seeing more buying pressure. One indication of this feat is the green candle on the chart.
Although green, the asset has failed to record any significant increase. Nonetheless, there are indications of more uptrends in the coming days.
Solana may Test $45
Solana has failed to surge above $40 in the last 14 days. This may change in the coming days as market trends are hinting at SOL flipping this critical level. Aside from the indicators, other technical analysis tools like pitchfork shed more light on this.
Using this tool, we observe that a prevalent pattern is close to its end but won’t end until the coin peaks. Following channel on the pitchfork, we may conclude that the altcoin may likely flip the $40 resistance and retest $45.
There is no new update on the part of indicator. The Moving Average Convergence Divergence is still on an uptrend and the gap between the 12-day EMA and the 26-day EMA continues to widen.
The Relative Strength Index is another metric that offers hope. Based on the chart above, we noticed that RSI is steadily trending above 50 which means that there is a fair amount of trading volume from both trading factions.
This may result in more price stability if it continues. A closer look at the image above also shows a fibonacci retracement channel. Using this tool, we observe a long term support at $25. This may be one of the toughest levels to flip which makes one to bank on.