Thursday, June 1, 2023

Price of Solana (SOL) Could Rise to $19.933 in the Next Few Days

  • Solana (SOL) was able to print a 24-hour gain of 1.49% to trade at $19.49.
  • The altcoin was in the process of flipping the $19.49 resistance level into support.
  • SOL’s price could rise to $19.933 if it is able to successfully turn $19.49 into support.

Solana (SOL) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price stood at $19.51 after it increased 1.49% over the past day. This positive price movement was unable to flip SOL’s weekly performance into the red, however, which remained in the red at -3.26%.

In addition to strengthening against the dollar, SOL was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, the crypto was up 0.14% against BTC and 0.09% against ETH. Furthermore, SOL was trading closer to its 24-hour high of $19.54.

4-hour chart for SOL/USD (Source: TradingView)
4-hour chart for SOL/USD (Source: TradingView)

SOL’s price had broken above the $19.49 resistance level and had also broken above the 9 EMA and 20 EMA lines on the 4-hour chart. Should the altcoin’s price close today’s trading session above the $19.49 mark, it will have a clear path to rise to the next key resistance at $19.933.

Technical indicators on the 4-hour chart were flagging bullish, with the RSI line trading above the RSI SMA line and the 9 EMA line looking to cross bullishly above the 20 EMA line. A confirmation that SOL’s price will rise to the aforementioned $19.933 target in the coming days will be when the 9 EMA line on the 4-hour chart crosses above the longer EMA.

On the other hand, if SOL’s price closes a daily session below $19.49 over the next 48 hours, then it will be at risk of dropping to the next major support level at $19.093. There was some sell pressure present at press time as bears were attempting to push the altcoin’s price back below the current support level. 

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss

  • Solana (SOL) was able to print a 24-hour gain of 1.49% to trade at $19.49.
  • The altcoin was in the process of flipping the $19.49 resistance level into support.
  • SOL’s price could rise to $19.933 if it is able to successfully turn $19.49 into support.

Solana (SOL) was able to print a 24-hour gain according to CoinMarketCap. At press time, the altcoin’s price stood at $19.51 after it increased 1.49% over the past day. This positive price movement was unable to flip SOL’s weekly performance into the red, however, which remained in the red at -3.26%.

In addition to strengthening against the dollar, SOL was also able to outperform the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH). At press time, the crypto was up 0.14% against BTC and 0.09% against ETH. Furthermore, SOL was trading closer to its 24-hour high of $19.54.

4-hour chart for SOL/USD (Source: TradingView)
4-hour chart for SOL/USD (Source: TradingView)

SOL’s price had broken above the $19.49 resistance level and had also broken above the 9 EMA and 20 EMA lines on the 4-hour chart. Should the altcoin’s price close today’s trading session above the $19.49 mark, it will have a clear path to rise to the next key resistance at $19.933.

Technical indicators on the 4-hour chart were flagging bullish, with the RSI line trading above the RSI SMA line and the 9 EMA line looking to cross bullishly above the 20 EMA line. A confirmation that SOL’s price will rise to the aforementioned $19.933 target in the coming days will be when the 9 EMA line on the 4-hour chart crosses above the longer EMA.

On the other hand, if SOL’s price closes a daily session below $19.49 over the next 48 hours, then it will be at risk of dropping to the next major support level at $19.093. There was some sell pressure present at press time as bears were attempting to push the altcoin’s price back below the current support level. 

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss