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SOL coin price regains the buying momentum intending to break above the $215 mark. As a result, we can see a bull run shortly.
Solana is a platform that endeavors to implement a framework for decentralized applications (dapps) in a way that prioritizes scalability.
In recent news, the Ignition Hackathon managed by Solana was its biggest hackathon yet. It produced 500+ project submissions from teams around the world.
Let us now take a deep look into the technical analysis of Solana.
Past Performance of SOL
After breaking a crucial resistance zone near the $190 mark, the SOL coin price fails to rise above the $215 mark. However, the solid long-coming uptrend continues the endeavor of an upside breakout.
The rise of underlying bullish momentum is evident by the increase of intraday trading volume. It has risen by 60%, driving the SOL coin price 4.57% up.
SOL/USD Daily Chart
SOL Technical Analysis
With the help of the support trend line, the SOL coin price sustains the uptrend in the daily chart. However, the uptrend struggles to rise above the $215 mark. Moreover, the sort-of triangle pattern bottles up, forecasting a trend-setting breakout soon.
Hence, traders can shortly find a breakout entry opportunity with massive potential to set the future trend. However, we must stay open-minded and be ready to adapt to any setbacks.
The breakout of the $215 resistance can be considered a suitable entry spot with minimum risk. Upon breakout, Pivot Points indicate supply levels at $234 and $275. However, a fallout can find support at the $190 and $150 mark.
The RSI slope sustains above the 50% mark in the daily chart as it moves at 62%. As a result, despite the recent setbacks, the RSI indicator showcases a strong underlying bullish momentum in action.
The MACD and the Signal line may soon merge together as the price action struggles for a breakout. However, the possibility of bearish crossover increases. Nonetheless, till we get a bearish crossover, MACD indicates a buy signal for the SOL coin.
Upcoming Trend
As per the technical analysis of the Solana token, the SOL price action is trying again to break above the $215 mark. Moreover, the technical indicators support the price action. Hence, traders with bullish intentions shall be ready for an upside breakout.