- SOL’s price has risen more than 146% over the last month.
- The 9,20 and 50 EMA lines for SOL signal a continuation of the bullish trend.
- Twitter analyst believes that SOL’s price will decline in the coming week.
The price of Solana (SOL) has attempted a comeback in the last month, rising more than 146% over the last 30 days according to CoinMarketCap. This comes after it plummeted from an all-time high (ATH) of $259.90 to a low of $8.00.
At press time, the price of the recovering Ethereum-killer project has dropped 2.37% to now trade at $24.60. In addition, SOL has weakened against BTC and ETH by 1.52% and 2.64% respectively.
Looking at SOL’s daily chart, its price was able to break above the resistance at $18.80, subsequently flipping the level into support. Thereafter, SOL’s price made a move towards the resistance level of $23.90 where it faced overwhelming sell pressure – causing its price to drop down to the support at $20.82.
SOL’s price then bounced off of the support level to enter into its latest rally which resulted in the altcoin’s price breaking through the resistance at $23.90.
The daily chart for SOL still looks bullish from a technical indicator perspective, with the 9-day EMA line positioned above the 20-day EMA line, and the 20-day EMA line positioned above the 50-day EMA line.
The crypto Twitter user, Bluntz (@SmartContracter), tweeted a somewhat bearish outlook for SOL. In a tweet made today, the analyst stated that he is “expecting a deeper decline” for SOL’s price for the rest of the week.
Bluntz did, however, say that SOL’s price can probably squeeze another 10% upward move before the decline occurs.
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