Why is Solana (SOL) Price Up?

Solana (SOL) saw its price surge over 8% today, making it one of the top gaining cryptocurrencies among the top 50 by market capitalization. SOL is now trading around $61, up from recent lows below $50. There are a few key factors contributing to Solana’s recent price boost.

According to analysis from altFINS, Solana recently broke out above a Falling Wedge pattern after rallying over 200% from lows around $20. This technical breakout above the $60 resistance level likely triggered further buying and short squeezes, propelling SOL’s price higher in the near-term.

Now that SOL is trading above $60, traders are likely setting their sights on the next resistance around $80.

Source: altFINS – Start using it today

Despite some bearish RSI divergence on the higher timeframes, Solana’s momentum has turned bullish recently. The MACD line has crossed above the signal line, pointing to building positive momentum. Additionally, the RSI on the daily timeframe is above 55, reflecting strong bullish momentum behind the rally.

As momentum picks up, that can lead to a self-fulfilling prophecy of further price gains.Opportunity According to the analysis, SOL could see a 38-50% Fibonacci retracement back to the $47-50 support zone after its parabolic rise.

This would present an attractive area for traders to get long for a swing trade, as Solana would still be in a broader uptrend. The key support levels below are at $47 and $38, so a pullback could find buying interest before testing those areas.

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In summary, a combination of positive technical and momentum factors are contributing to Solana’s upside price action. The recent breakout has propelled SOL higher in the short-term, but a pullback could provide an attractive area for traders to get long for the next impulsive move higher.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.