Solana (SOL) Is About to Hit a Four-Month Higher Around the $27.00 Mark

 

Solana’s price has surged by a whopping 18.74% today. Yet, indications emanating from the daily market still suggest that prices in this SOL/USDT market may surge further. Let’s take a more critical look at price movements in this market for further insights.

SOL Statistics
Solana’s Value Now: $26.02
SOL Market Cap: $10,387,026,812
Solana Circulating Supply: 402,771,630
SOL Total Supply: 552,261,723
Solana CoinMarketCap Ranking: 8

 

Major Price Levels:
Top: $26.02, $27.50, and $30.00
Base: $25.50, $25.00, and $24.50

Solana’s Bulls Are Charging Towards the $27.00 Mark

 

In a single session, the price of Solana covered a significant amount of upside ground. The upside retracement started around the 15th of June, when the price reached near the $14 mark. Since then, price action in this market has been on a gradual upside correction, which has grown more significant over time.

 

Bulls in this market have shown massive strength as they burst into the bearzone on the Fibonacci Retracement tool. This price increase saw prices almost hit a four-month high with the aid of the last green price candle on this chart.

 

Additionally, the Relative Strength Index (RSI) indicator recently delivered another bullish crossover while above the 85 mark of the indicator.

 

Consequently, this points out that the bulls are ready to thrust further upward.

SOL/USDT Price Stays Largely Focused on the Upside

 

The SOL/USDT 4-hour market is revealing that few short traders are calling the short in this market as of now. The question remains: will the price take a U-turn at this point?

 

A red-price candle has just appeared for the ongoing 4-hour market. This signifies that price movements may have drawn the attention of dip buyers, who are now closing their positions.

 

Nevertheless, indications still support the view that price movements are still largely focused on continuing on their upside path.

 

The lines of the MACD indicator have crossed above the equilibrium level. Also, these lines are trending upwards, while the bars of the indicator are growing greener and taller as trading continues. It appears that the appearance of the last red candle is insignificant at this point.

 

Consequently, traders may still anticipate that price action may retrace the $27.50 Mark shortly. However, they must be cautious, as the perceived downward correction may grow stronger.

 

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