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Solana (SOL) Bulls Outbreed Bears with a 0.95% Price Hike

source-logo  coinedition.com 20 November 2022 10:43, UTC

Following a recession and sell-off in the preceding 24 hours, Solana (SOL) bulls were able to intervene and reverse the bearish sentiment in its market. As of press time, SOL prices had skyrocketed by 0.95% to $13.02.

This bullish superiority is embraced by a 2.94% increase in market capitalization to $4,777,183,137; however, the 24-hour trading volume has decreased by 5.15% to $337,041,072, which concerns investors.

SOL/USD 24-hour price chart Source: CoinMarketCap

Bollinger Bands are broadening on the SOL 1-hour price chart, indicating increased market volatility. This bullish tendency is endorsed by price swings towards the upper band, which is at 13.15, while the lower band, touches at 12.55.

When the MACD blue line surpasses the signal line with a reading of 0.01 and points upwards into positive territory, it implies that the bulls have racked the bears and that bullish prominence will exert control in the near term. The histogram pattern in the positive region also reinforces the bulls’ run in the SOL market.

The Stoch RSI reading of 68.15 on the SOL 1-hour price chart provides clarity to investors because it is neither overbought nor oversold, denoting that the prevailing trend will continue as there is equal buying and selling tension.

SOL/USD 1-hour price chart Source: CoinMarketCap

The progression of the Coppock Curve above the “0” line represents bullish momentum, as seen on the SOL price chart, where the Coppock Curve touches 3.73 and points upwards, insinuating that bullish control may continue if bulls hold on to the resistance level.

As the Truth Strength Index (blue) crosses above its signal line (pink) and above “0,” a bullish trend is sure to persist, as seen in the price chart, where the TSI is at 1.7925 and the signal line is at -12.5354.

SOL /USD 1-hour price chart Source: CoinMarketCap

If the bulls can hold the resistance level, the bullish momentum on the SOL market will continue.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.