Wednesday, February 8, 2023
 

Solana Pumps by More Than 35% Before Today’s Minor Correction

  • Solana price analysis shows a downtrend today.
  • Solana is up by 35% in the last 7 days.
  • Solana has sought support at $12.62 and is now trading around $15.97.

Solana price analysis indicates SOL has emerged as the top gainer among the Altcoins during the last few days as the altcoin has gained more than 35% in the last week. This comes after a mini-rally that has been cut short by today’s bearish action in the market. The SOL/USD pair has been trading within a tight range of $15.71 and $16.00 over the past few days, with resistance around the $17.00 level.

SOL/USD price action: Coinmarketcap

Solana seems to be rebounding off the support at $12.62 and is now trading around $15.97 as of writing. The technical indicators show that bulls may continue to push the price higher with a break above the resistance level at $17.00 is a key milestone for further bullish momentum in SOL/USD pair.

Looking ahead, investors should closely watch the price movements of SOL/USD as it could spark a new rally if the pair breaks above $17.00. However, traders should also be aware of any potential corrections in the coin’s price as any further bearish action could drag the price back to its previous support levels.

Solana’s price is still above the 50-day Moving Average and the Relative Strength Index (RSI) is also showing signs of recovery at 56.21 after a brief dip to 50. The MACD also remains bullish, indicating that there may be more upside potential for SOL/USD pair in the near future. The Chaikin Money Flow (CMF) has also moved into bullish territory, suggesting that capital is flowing back into the market. Increasing buying pressure could lead to a rise in the coin’s price in the near future.

SOL/USD daily chart:TradingView

Solana price analysis on the 4-hour chart is painting a bullish breakout with the coin breaking out of a symmetrical triangle pattern. This could indicate that Solana will remain in an uptrend for the foreseeable future, with a potential target at $20.00 if bulls maintain their momentum.

The market volatility is currently high as indicated by the Bollinger Bands which are wide than usual. This could mean that the coin may make some big moves in either direction in the near future.

SOL/USD 4-hour chart: TradingView

The price of SOL is on track to break out of key resistance levels as long as bulls continue to drive the price higher. In case of a bearish continuation, the Fibonacci retracement tool suggests that the coin’s price could find support at $13.50 and $11.30 which represents the 23.6% and 38.2% retracement levels, respectively.

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 price analysis shows a downtrend today.
  • Solana is up by 35% in the last 7 days.
  • Solana has sought support at $12.62 and is now trading around $15.97.

Solana price analysis indicates SOL has emerged as the top gainer among the Altcoins during the last few days as the altcoin has gained more than 35% in the last week. This comes after a mini-rally that has been cut short by today’s bearish action in the market. The SOL/USD pair has been trading within a tight range of $15.71 and $16.00 over the past few days, with resistance around the $17.00 level.

SOL/USD price action: Coinmarketcap

Solana seems to be rebounding off the support at $12.62 and is now trading around $15.97 as of writing. The technical indicators show that bulls may continue to push the price higher with a break above the resistance level at $17.00 is a key milestone for further bullish momentum in SOL/USD pair.

Looking ahead, investors should closely watch the price movements of SOL/USD as it could spark a new rally if the pair breaks above $17.00. However, traders should also be aware of any potential corrections in the coin’s price as any further bearish action could drag the price back to its previous support levels.

Solana’s price is still above the 50-day Moving Average and the Relative Strength Index (RSI) is also showing signs of recovery at 56.21 after a brief dip to 50. The MACD also remains bullish, indicating that there may be more upside potential for SOL/USD pair in the near future. The Chaikin Money Flow (CMF) has also moved into bullish territory, suggesting that capital is flowing back into the market. Increasing buying pressure could lead to a rise in the coin’s price in the near future.

SOL/USD daily chart:TradingView

Solana price analysis on the 4-hour chart is painting a bullish breakout with the coin breaking out of a symmetrical triangle pattern. This could indicate that Solana will remain in an uptrend for the foreseeable future, with a potential target at $20.00 if bulls maintain their momentum.

The market volatility is currently high as indicated by the Bollinger Bands which are wide than usual. This could mean that the coin may make some big moves in either direction in the near future.

SOL/USD 4-hour chart: TradingView

The price of SOL is on track to break out of key resistance levels as long as bulls continue to drive the price higher. In case of a bearish continuation, the Fibonacci retracement tool suggests that the coin’s price could find support at $13.50 and $11.30 which represents the 23.6% and 38.2% retracement levels, respectively.

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.

 

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