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SOL Technical Analysis: May Break Out of the Resistance Level of $27.04


cryptoknowmics.com April 08 2021 08:00, UTC
Reading time: ~2 m

Solana is a blockchain-technology-based platform for developing decentralized crypto applications. It is a fast, safe, scalable, and censorship-resistant ecosystem. It provides a cloud-based open-source protocol for global adoption. SOL is the prime customized token for this network. Following SOL technical analysis will predict the performance for the next two days.

Past Performance

On April 1, 2021, the opening price of SOL was $19.42. As of April 7, 2021, the closing price of SOL was $26.54. Thus, in the past week, the price has surged by approximately 37%. In the last 24 hours, SOL has traded between $25.90-$27.20.

https://www.tradingview.com/x/VyWQvc6G/

Day-Ahead and Tomorrow

Currently, SOL is trading at $27.02. The price has increased from the opening price of $26.54. Thus, the market looks bearish.

The MACD and signal lines are positive. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising in some time.

The OBV indicator has started rising gradually too. Thus, buying volumes are increasing. High buying activity will exert upward pressure on the SOL price. Hence, we can expect the SOL price to go up.

The RSI indicator has faced a bullish swing rejection at 56%. Thereafter, it rallied to the current level of 60%. Thus, buying pressures are still high. Hence, we can expect the price to start rising soon.

SOL Technical Analysis

As per technical analysis, the price is currently above the Fibonacci pivot point of $26.55. It may soon break out of the first and second resistance levels of $27.04 and $27.35 respectively. If the bulls gain complete strength, the price may break out of the third resistance level of $27.85 in a few hours.

The price has tested and broken out of the 23.6% FIB retracement level of $26.89. Thus, the bullish price trend is strong. In that case, we can expect a price upswing today as well as tomorrow.


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