SOL Surges 3.32% in a Week, Targets $34 Level! Is a Bullish Rally Imminent?

• SOL has been observing a 3.32% surge over the week and continues to reside in the green zone of the chart.
• Although SOL started this week by trading at $19.0446, it started to climb and finally trading at 19.66, at the time of writing.
• Despite SOL experiencing a +3% surge, the altcoin is only growing at a slow speed, indicating that there could be a potential fall.

SOL has been observing a 3.32% surge over the week and continues to reside in the green zone of the chart. Although SOL started this week by trading at $19.0446, it started to climb and finally trading at $19.66, at the time of writing. Meanwhile, SOL’s market cap is valued at $8,118,840,423, after it witnessed a 0.51% spike over the 24-hour period.

Over the week, SOL has been showing a good performance as it is able to trade majorly in the green zone. According to CoinMarketCap, SOL is currently seated in the ninth position based on its Market Cap.

SOL 7-day chart (Source: CoinMarketCap)

Looking at the candlesticks, the altcoin seems like it fully forming a falling wedge pattern. There may be a chance that SOL could continue to climb up and cross the $26 level soon. SOL’s position may gradually rise for some time before reaching that position. Crossing beyond the $26 level could enable SOL to begin its journey to the $34 level.

The $34 level was SOL’s earlier trading level before it witnessed a massive fall in the market, dropping to an even lower level of less than $10. The candlesticks need to maintain and continuously form the green candles in order to achieve their target point.

SOL/USDT 4-Hour Chart (Source: TradingView)

The RSI is also at 47.58, which could be considered a neutral zone. Moreover, the RSI indicates that there is a downtrend existing in the market as it made a bearish cross earlier. This could be the reason why SOL’s +9% declined over the week. Despite SOL experiencing a +3% surge, the altcoin is only growing at a slow speed, indicating that there could be a potential fall soon.

However, if the RSI crosses above the SMA, then, there is a high chance that SOL bullish trend could once again begin soon. Ultimately, traders need to wait for more signals before they expect to enter the market.

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