Solana (SOL) Is Eyeing the $60 Resistance Price Mark 
Login

Solana (SOL) Is Eyeing the $60 Resistance Price Mark 

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more



Solana has been trading above the $51.61 level for the past five trading sessions. However, there was a sharp downward correction during the previous session, yet buyers defended the $51.61 mark well. Consequently, this led to a spontaneous upside rebound through the $55.00 mark. More moves appear to be on the way.

Key Solana Statistics:
Current SOL Value: $56.51
SOL Market Cap: $23,680,330,880
Circulating Supply of Solana: 422,396,699
Total Supply of SOL: 562,465,196
Solana CoinMarketCap Ranking: 7

Key Price Levels:
Resistance: $56.53, $58.50, and $60.00
Support: $56.00, $55.00, and $54.00

Solana (SOL) Is Eyeing the $60 Resistance Price Mark 

SOL Buyers Seem to Be Regrouping to Challenge the $60.00 Mark

Bullishness has persisted in the Solana daily market, causing a significant surge in its price from below the $30.00 mark in previous weeks. This token is now nearly worth double that value at this point. As mentioned earlier, the token has been trading above the $51.50 mark. In addition, the ongoing session seems to have assumed an upside trajectory, with an upside rebound occurring.

It should be noted that price activity remains above the middle limit of the Bollinger Bands, while the Moving Average Convergence Divergence (MACD) indicator lines remain pointed upwards above the equilibrium point. Additionally, although pale green in appearance, the MACD bars are still appearing above the equilibrium level, suggesting that prices may extend the upside correction.

Solana (SOL) Is Eyeing the $60 Resistance Price Mark 

Downward Forces are Losing Traction in the Solana Market

In the 4-hour market, one can perceive that SOL buyers are exerting more effort towards extending the upside correction following a brief period of rest in the previous sessions. The last 4-hour session recorded a notable price move, bringing prices close to the middle band of the Bollinger Bands indicator. Furthermore, the ongoing session has started engaging headwinds, but tailwinds are still winning. This can be seen via the appearance of a spinning top-price candle on this chart.

Consequently, this has increased the potential for price action to cross above the middle limit of the Bollinger Bands. Likewise, the MACD lines are gradually converging for a bullish crossover above the equilibrium level. Therefore, traders can anticipate breaching the $57.00 mark for a retracement towards the $60.00 mark shortly.

Buy Solana on eToro

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News