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Solana is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. Anatoly Yakovenko is the most important person behind Solana. In 2017, Yakovenko started working on a project which would later materialize as Solana. The Solana protocol and SOL token were released to the public in 2020.
Let us look at the technical analysis of SOL.
Past Performance
SOL opened at $150.05 on 15 October 2021. An uptrend was seen in the previous two days, after which it closed yesterday at $190.32. This was a weekly change of 26.8%.
Source: https://www.tradingview.com/x/cfNzQDzI/
SOL Technical Analysis
The price chart was showing lower highs at the beginning of the week, after which it took support at $153 and started an uptrend. Higher highs and higher lows were seen after that. The current trading price for SOL is $202.73, which is 6.42% higher than yesterday’s close. This is a bullish signal.
OBV is showing that the buying pressure is significantly dominating the selling pressure. This is a strong bullish signal and the traders may take a long position here.
RSI is showing an incline in its graph as well. It is current at 71.42%. This is again a bullish signal, showing that the traders may take a long position. However, RSI has entered the overbought region, which means that the trend may reverse itself also.
MACD, being a lagging indicator, is confirming the last week’s uptrend. This can be seen as both the fast and the slow lines are in the positive region, and the height of the histogram is increasing as well. There is no divergence of the MACD graph from the price chart.
Day-Ahead and Tomorrow
Fib numbers show that the uptrend started from the Fibonacci pivot at $152.96. The next target is $242.8.
Thus, the SOL traders may take a long position here as the indicators are giving strong bullish signals. They can keep the target at $216.02 and stop-loss at $197.456.