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Following the significant price surge that occurred in a single session about six trading sessions ago, short traders seemed to have introduced some hindrance to further upside price increases. But when price action tested the Fibonacci Retracement level as support, a considerable upside correction occurred, which brightened the hope of a continued upside retracement.
Solana Statistics
SOL Value Now: $23.76
SOL Market Cap: $9,785,539,228
Solana Circulating Supply: 414,239,411
Solana Total Supply: Infinity
SOL CoinMarketCap Ranking: 7
Major Price Levels:
Top: $23.76, $24.00, and $25.00
Base: $23.00, $22.00, and $21.00
Solana Prepares to Resurface Above the $24.00 Price Level
Buyers started re-entering the Solana market in the daily time frame when price action tested the support at Fibonacci Retracement Level 50 in the past three trading sessions. And since the previous season until now, buyers have been on top, consequently pushing the price of this token closer to the $24.00 threshold.
Also, although the Moving Average Convergence Divergence MACD indicator portrays the momentum in this market as weak, it could be seen that buyers are still exerting some upside pressure. Consequently, this token has almost recovered from all the losses of four trading sessions in two trading sessions.
SOL Looks Prime for More Profits
Despite the activities of short traders in the SOLUSDT 4-hour market, it could be seen that technical indicators hint that more price increases might still be on the way. Trading activities continue to occur above the 50-day Moving Average MA curve. The latest 4-hour session has witnessed some noticeable downward correction, considering the appearance of a shadow above the last price candle that represents the ongoing session.
Nevertheless, the MACD stays consistent with its bullish crossover above the equilibrium level. Additionally, a tiny green bar can be seen above the equilibrium level, indicating the developing upside momentum. At this point, traders can target $25.00 as the next possible resistance.
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