Solana (SOL) Seeks to Extend a Long-Term Upside Trend

Price action in the SOL/USD market seems to have bounced off a long-term upside-sloping trendline. Also, there are signs arising from trading indicators that align with the opinion that prices may increase further as envisaged.

SOL Analysis Data
Solana Value Now: $22.04
SOL Market Cap: $8,617,217,798
SOL Moving Supply: 392,896,367
Solana Total Supply: 539,312,705
Solana CoinMarketCap Ranking: 10

Major Price Levels:
Top: $22.04, $22.57, and $23.00
Base: $22.00, $21.60, and $21.20

Solana (SOL) Bulls Are Targeting Resistance Level at $22.57 mark

Since the last trading session, SOL/USD price action has been retracing upwards from support around the 21.50 price mark. In the ongoing session, price action seems ready to extend an upside move toward the middle limit of the Bollinger Band. Additionally, the Stochastic Relative Strength (RSI) indicator has shown a crossover in the oversold region. At the same time, the Moving Convergence Divergence Average indicator (MACD) is now turning sideways above the equilibrium level, and the bars on it are also pale red. Consequently, the signs from the RSI and MACD are hinting that prices may rise further upward.

Solana (SOL) Bulls Poke Through an Important Retracement Level

In the Solana 4-hour market, price action has successfully poked through a very important retracement resistance level. Also, indications are pointing out that price movement may obtain support above this level. As price action continues to rise further above the middle limit of the Bollinger Bands, the RSI curves keep rising into the overbought region. Additionally, the MACD lines are approaching the 0.00 level, while the bars are green and taller. So, should price action eventually find support above the 61.80 Fibonacci Retracement level, it may advance toward the $23.00 mark.

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