Bulls Aims For $50.0 Amid Sustained Buying Momentum

solana xrp
solana xrp
Bybit


Published 15 hours ago

The Solana price analysis maintains a buy view on the coin. The ninth largest cryptocurrency by market cap holds the 24-hour trading volume at $1,856,518,387, down 24%. Currently, the SOL/USD pair is trading at $44.42 with more than 5% gains.

SOL price picks up the momentum following the previous session’s sell-off.
Bulls attempt to take out multiple resistance around the $45 zone.
However, a daily candlestick below $41.50 would ignore the bullish argument.

SOL looks for upside confirmation

Source: Trading view

 SOL price trades with gains in the last three days as the bulls are back in action. On the daily chart frame, the price  given a breakout out of a bullish flag and pole pattern. The price is making higher highs and higher lows on daily charts. As well as, the average volume indicates that the price might ignore any bearish sentiment as of now

In addition to that, the buyers managed to float the price above the critical 50-day EMA at $41,21. The price could further move upward to test the psychological $50.0 mark followed by highs of May 23 at $54.65

Indicators are also supporting bullishness. The momentum oscillators, MACD and RSI hold above the average line, indicating signs of continuation trend i.e. Uptrend.  

On the other hand, a daily close below the session’s low would indicate selling in the asset. On moving lower the support could be found near $40.0.

1-hour chart looks bullish

Source: Trading view

On the hourly chart, the DOT price is forming an inverted head and shoulder pattern. The right shoulder had taken good support from the 50-day exponential moving average, as well as the support of a rising trend line. 

If the price sustains above 44.50 on the hourly chart, then we can expect a good bullish momentum. 

Conclusion: 

The SOL price analysis showcases bullish momentum in all time frames. Any retracement in price is a good buying opportunity.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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