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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Solana (SOL) Notches 16% Gains On Weekly Chart, Will It Cross $20?

Kent Tenix
Kent Tenix
2 years ago
3 mins read
Solana

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Solana (SOL) has recorded progressive gains in the past week, with its 7-day high at 15.95%. It is currently trading at $18.73 today with slight gains on its price. Although SOL is still 92.61% below its all-time high value of $260, its recent gains in the past week have pushed its price closer to the $20 price level. 

SOL Price Outlook This Week Suggests A Bearish Trend

SOL is in a sideways trend this week, following positive price action in the last two weeks. It has formed a small red candle on the weekly chart implying that the bears are active this week. Also, SOL is still trading in the lower region of the Donchian Channel (DC), expressing a bearish sentiment.

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Its Relative Strength Index (RSI) is at 45.60 in the neutral zone between the oversold region of 30 and the overbought region of 70. The RSI indicator reflects the sideways trend this week.

SOL’s Moving Average Convergence/Divergence (MACD) is slightly above its signal line and shows convergence which is a bearish signal.  Although the MACD displays a negative value, the Histogram bars are green, signaling a bullish recovery ahead. So if the bulls prevail, SOL will likely move to an uptrend in the coming weeks. 

SOLUSD price chart
SOL’s price currently stands at $18.73 in the daily chart. | Source: SOLUSD price chart from TradingView.com

SOL’s Key Support And Resistance Levels

SOL is trading at $18.73 after it found critical support at the $15.43 price level weeks ago. This puts the altcoin close to the $19.48 resistance level.

A break above the $19.48 resistance level will help to boost its price to reclaim the $20 psychological resistance level. If this happens, SOL will likely rally to the $21.81 resistance level after breaking above $20. However, a price decline below $18 in the short term remains possible due to its bearish outlook on the weekly chart. 

Factors Influencing Solana’s Price

There are several factors right now that could influence the SOL’s price. These factors include macroeconomic factors such as inflation and crypto regulation in several areas. Also, utility and adoption are vital factors alongside recent trends and developments in the ecosystem. 

Another trend in SOL’s ecosystem likely influencing its price action this week is its decentralized exchange (DEX) volume. According to a report from the on-chain analytic platform DefiLlama, Solana’s weekly DEX volume increased to see it rank fifth on the list at press time. 

Related Reading: Lido (LDO) Sustains Weekly Run With 16% Gain – What Fuels It?

SOL’s DEX volume surged by 84%, and its 24-hour volume rose above $38 million. This increase will likely help to boost its price action in the coming week.

However, despite an increase in its total DEX volume, its Total Value Locked (TVL) is stagnant. DefiLlama shows that SOL’s TVL has been stagnant since its decline in November 2022 following the collapse of FTX.

The TVL is currently sitting at $273.26 million, with no notable increase in value despite slight gains in SOL’s price on the daily chart.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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