Solana (SOL) Bounces off the Resistance at the $24.81 Mark

Solana had picked up some bullish momentum during last week’s trading activities. This saw the token rise through multiple resistance levels. However, it appears that the resistance at the $25.00 mark is proving to be a hard nut to crack as price action corrected off a resistance mark near this level.

SOL Statistics:
Solana Value Now: $24.08
Solana Market Cap: $9,800,632,758
SOL Circulating Supply: 412,985,102
Solana Total Supply: 558,808,002
SOL CoinMarketCap Ranking: 7

Major Price Levels:
Top: $24.08, $25.00, and $26.00
Base: $24.00, $23.00, and $22.00

Solana Bull Run Seems to Have Hit a Strong Wall

Buyers in the Solana daily market have consistently recorded gains as price action takes off the middle limit of the Bollinger Bands. This happened over the past five trading sessions, while the ongoing session seems to have bounced off the resistance at the $24.81 mark.

Meanwhile, the Relative Strength Index (RSI) indicator lines could be seen converging and are now on the brink of delivering a bearish crossover deep in the overbought region. However, the orientation of the RSI lines seems to suggest that the upside retracement may continue.

SOL Shows Promise of Continuing the Upside Retracement

The SOLUSDT 4-hour market seems to provide traders with a full preview of what’s happening in this token’s market. Here, traders can see that following the downward correction that occurred in the past three sessions, buyers seem to have continued entering the market, which has caused the market to retake an upside path.

Likewise, the lines of the MACD have continued on a slightly upward path despite the weakened momentum, as indicated by the appearance of the indicator bars. Nevertheless, it appears that buyers are maintaining some level of control in this market and have the potential to keep price action in this market increasing towards the $25.00 mark.

Buy SOL on eToro

 

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