Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears

Christian Encila

3 years ago

3 mins read

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Solana (SOL) price has locked its sights on the goal from day one.

Solana’s price is extremely bullish
Price spiked aggressively to $47
SOL/USD pair key resistance spotted at $49.5

Evidence to that, SOL price has behaved extremely bullish as the price surged to $47. The bulls have been consistent with orchestrating an uptrend for a couple of days now.

Solana Showing Uptrend Signals Despite Correction

In fact, due to stubborn resistance, the price of SOL spiked to $48.4 early yesterday. It was apparently a short-term surge and then the price went back to the same level. Notably, the SOL/USD pair continues to move forward incrementally. The next resistance for the pair is spotted at the $49.5 mark.

On a one-day timeframe, SOL price has shown an impressive uptrend a few hours ago as it trades at $47. Additionally, the SOL/USD pair price has also dipped in value by 0.40% as observed in the past 24 hours.

According to CoinMarketCap, the SOL/USD pair is experiencing correction and is now trading at $44.34, or a drop of 5.65% as of press time. Total volume for SOL has increased by 42.05% or currently at $1,372,667,870. Solana’s price also recorded a profit of 18.93% as seen in the past couple of days as the price has been on an uptrend.

Volatility has been on a rise for SOL as presented on the divergence of Bollinger bands which hints at spiked volatility in the coming days. The Bollinger upper band is spotted at $47 with the price actively trading above that level. On the other hand, the lower band is seen at the $36 mark denoting the most active support for SOL. More so, the mean average is also spotted at the $41.7 level right below the MA seen at the 43.1 level.

RSI for SOL is now prominent at index 64 and is seen to trade upwards indicating a robust spin in buying pressure. The overall sentiment of SOL is still very optimistic.

SOL Price To Retest $49.5

On 4-hour time fame, the chart shows that the price breach was aggressively bullish and seen trekking upwards early today. The trend is seen to go upwards for roughly 16 hours following a retracement. Remarkably, SOL price exhibited some pullback in the past four hours even if the bulls were gaining more dominance.

Chart from TradingView.com

The volatility of the coin has peaked as seen on the 4-hour chart with the Bollinger bands expanding with the indicators hinting a breach upwards implying a bull run in the coming days.

The upper band is seen right at the $48.3 level, which keys in the resistance for the coin, while the lower band or key support is spotted at $41.5. RSI is spotted at index 68 which is close to the lane of the overbought zone with the upward movement of the RSI implying a boost in buying pressure.

SOL price has definitely recovered in the past couple of days and is expected to retest the $49.5 resistance zone in the next couple of hours.

SOL total market cap at $15.2 billion on the daily chart | Source: TradingView.com

Featured image from Altcoin Buzz, Chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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