Solana (SOL), the high-performance blockchain platform, has been on an upward trajectory over the past week. According to data from CoinGecko, the price of SOL has soared by 21.11% in the last seven days, currently trading at $159.24.
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Weekly Chart Analysis
An in-depth analysis of Solana’s weekly chart on the TradingView platform reveals several significant trends and patterns. Over the past week, consecutive green candlesticks indicate a general upward trend, signifying increased buying activity. This bullish sentiment is further reinforced by the presence of moderately high volume during periods of strong upward price action, lending credibility to the recent price surge.
Source: TradingView
Moreover, the Exponential Moving Average (EMA) 50 line, currently at 90.01, rests below the price, acting as dynamic support and underscoring the bullish trend. Simultaneously, the Relative Strength Index (RSI) 14 stands at 71.63, slightly above the 70 threshold, suggesting that the market may be overbought. However, this does not necessarily guarantee a reversal. It rather cautions that there could be limited room for further upward movement without consolidation or a pullback.
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Show more +Fibonacci Levels
Significantly, the Fibonacci retracement levels drawn from a high point to a low point reveal potential support and resistance zones. The price has tested the 0.618 level at 164.75, which it may need to surpass to sustain the bullish trend. Failure to break through this level could see the price retest the 1 level at 162.77. Conversely, should the bullish momentum continue, the next resistance levels would likely be around 176.63 (0.5 level) and 188.50 (0.382 level).
While the medium-term trend remains bullish, the chart also indicates short-term fluctuations. The most recent weeks have witnessed a bearish pullback before the latest green candlestick, highlighting the market’s volatility. Additionally, the latest candlestick’s small wick at the top suggests that buyers faced some resistance, potentially signaling exhaustion among buyers if the buying momentum does not persist.
Solana’s price surge can be attributed to a combination of favorable technical indicators and a general bullish sentiment in the market. However, caution is advised, as the overbought RSI and potential resistance levels could lead to a period of consolidation or a slight correction.
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