• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Solana
Nexo Logo

Solana (SOL) Could Register An Upswing, Thanks To This Pattern

anushsamal by anushsamal
1 month ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Solana has been currently trading within a consolidation phase. Despite a recovery on charts, the coin is trading at the level it last traded in the month of August, last year. Over the last few days, the coin observed lateral price movements.

Usually after a consolidated phase, it can be assumed that the altcoin could witness a change in the price movement. Technical outlook painted a positive price action for Solana on both its hourly as well as daily chart.

Solana has recovered by over 40% from its lowest price which was recorded mid month, this year. At the moment, Solana has been trading between $44 and $58 price level. If the coin has to invalidate the bears completely, a jump above the $70 will be required.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

As the price of the asset started to note northbound movement, buyers regained confidence and started to re-enter the market.

Solana Price Analysis: One Day Chart

Solana
Solana was priced at $53 on the one day chart | Source: SOLUSD on TradingView

The altcoin was exchanging hands at $53 at the time of writing. Although, SOL was moving sideways, the technical pointed towards a possible bullish revival. Nearest resistance line for the coin stood at $60 and if the coin struggles too much to break past the aforementioned level then SOL could attempt to visit the next support line.

The next price floor for SOL was at $44.85 and then at $34. Solana has visited these levels almost over ten months ago when the coin was on a bullish price action.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bullishness can be pointed out because SOL has just managed to bounce off the long standing support line (yellow) of $40 on the above chart. This particular price action can be attributed to a further upside movement.

Related Reading | Solana TVL Sees Sharp Decline, Reaches 2022 Low

One Hour Chart

Solana
Solana formed an ascending triangle on the one hour chart | Source: SOLUSD on TradingView

An ascending triangle has been formed on the one hour chart. This formation is tied to a bullish price action in the market. Solana could soon break past $53 price level and challenge the $60 mark. If the buyers are consistent in the market, this could happen even sooner.

Volume of the coin was seen in the green which is again directly related to bullish strength in the market. It is possible that the coin might consolidate over the immediate trading sessions and then finally break past the sideways trading pattern.

Technical Analysis

Solana
Solana registered uptick in buying strength on the one day chart | Source: SOLUSD on TradingView

Buying strength returned on the charts for Solana. As the coin regained some of its vigour back, investors are also back in the market. As seen on the Relative Strength Index, the indicator noted an uptick. Solana was not oversold anymore, however, the coin still witnessed more selling pressure compared to buying pressure in the market.

Moving Average Convergence Divergence noted green signal bars after noting a bullish crossover. The green signal bars highlight a change in the price momentum along with depicting that selling pressure was declining. With decline in selling pressure, Solana would again attempt to move past its immediate resistance mark.

Related Reading | LUNA Records 100% Growth In A Single Day. More Upside Coming?

Tags: price analysisSolSolana
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
anushsamal

anushsamal

Related Posts

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

REV3AL – NFT and Digital Asset Authentication Technology Launches on KuCoin June 30th

2 mins ago
Ethereum Needs To Breach This Level To Sustain Bullish Pace

Ethereum Needs To Breach This Level To Sustain Bullish Pace

39 mins ago
A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

A Comparison of Global Futures Trading Platforms Shows 5 Advantages of CoinEx Futures

4 hours ago
XRP

XRP Has Dropped To $0.34, What To Expect In The 24 Hours?

6 hours ago
Solana

Solana Broke Its Nearest Support, Vital Trading Levels To Keep An Eye On

9 hours ago
Ethereum ETH ETHUSD

CME Net Short Exposure Reaches ATH: Why Institutions Are Bearish on Ethereum

12 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Crypto Crash: Bitcoin Falling Helplessly, Find Succour in These Two Coins

June 29, 2022

The Stock Market Crash Has Spurred Investors To Invest In Cryptocurrencies Like Mushe Token (XMU) and Quant (QNT)

June 29, 2022

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.