Friday, February 3, 2023
 

Solana’s Price Will Make a Move Towards $40 if This Happens

  • SOL’s price has surged more than 70% over the last 7 days.
  • The altcoin’s price is currently trading above the 9-week EMA line.
  • Weekly RSI on SOL’s chart suggests that this is just the beginning of SOL’s comeback.

Things are looking green in the market today, and Solana (SOL) is no exception to this. The crypto market tracking website CoinMarketCap indicates that SOL is currently trading at $23.63 after a 39.45% increase in price over the last 24 hours. The Ethereum-killer is also still in the green by more than 70% over the last week.

SOL was able to strengthen against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 27.53% and 28.55% respectively over the last day. Also in the green zone is SOL’s 24 hour trading volume which currently stands at $2,411,413,632 after a more than 150% increase.

With its market cap of $8,872,541,125, SOL is the 10th biggest crypto in terms of market capitalization. This places it right behind Dogecoin (DOGE) in 9th position and in front of Polygon (MATIC) which is ranked 11th.

Weekly chart for SOL/USDT (Source: CoinMarketCap)
Weekly chart for SOL/USDT (Source: CoinMarketCap)

SOL’s price is making a move towards the weekly resistance level at $40.96. This follows after SOL’s price entered into an upward move over the last 7-14 days. As a result, SOL’s price has been able to break above the 9-week EMA line, and now looks to do the same with the 20-week EMA line.

The weekly RSI has flagged bullish recently, with the weekly RSI line crossing bullishly above the weekly RSI SMA line. In addition to this, the weekly RSI line is sloped positively towards overbought territory, which is another bullish sign.

If the price of SOL is able to break above the 20-week EMA line, then it will have no remaining obstacles that will hinder its move towards the $40.96 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.

  • SOL’s price has surged more than 70% over the last 7 days.
  • The altcoin’s price is currently trading above the 9-week EMA line.
  • Weekly RSI on SOL’s chart suggests that this is just the beginning of SOL’s comeback.

Things are looking green in the market today, and Solana (SOL) is no exception to this. The crypto market tracking website CoinMarketCap indicates that SOL is currently trading at $23.63 after a 39.45% increase in price over the last 24 hours. The Ethereum-killer is also still in the green by more than 70% over the last week.

SOL was able to strengthen against the two biggest cryptos in the market, Bitcoin (BTC) and Ethereum (ETH), by about 27.53% and 28.55% respectively over the last day. Also in the green zone is SOL’s 24 hour trading volume which currently stands at $2,411,413,632 after a more than 150% increase.

With its market cap of $8,872,541,125, SOL is the 10th biggest crypto in terms of market capitalization. This places it right behind Dogecoin (DOGE) in 9th position and in front of Polygon (MATIC) which is ranked 11th.

Weekly chart for SOL/USDT (Source: CoinMarketCap)
Weekly chart for SOL/USDT (Source: CoinMarketCap)

SOL’s price is making a move towards the weekly resistance level at $40.96. This follows after SOL’s price entered into an upward move over the last 7-14 days. As a result, SOL’s price has been able to break above the 9-week EMA line, and now looks to do the same with the 20-week EMA line.

The weekly RSI has flagged bullish recently, with the weekly RSI line crossing bullishly above the weekly RSI SMA line. In addition to this, the weekly RSI line is sloped positively towards overbought territory, which is another bullish sign.

If the price of SOL is able to break above the 20-week EMA line, then it will have no remaining obstacles that will hinder its move towards the $40.96 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.

 

Latest news