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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
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.
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.
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