The SOL price action shows an ascending triangle pattern holding the potential of a bull run above $50 to reach the $58 resistance level.
Key Technical Points:
- The Solana (SOL) price has increased by almost 15% in the last week.
- However, the price trend attempts to break above the 100-day SMA.
- With a market cap of $15.13 billion, the intraday trading volume of Solana has increased by 6.25% over the last 24 hours to reach $1.49 billion.
Past Performance of SOL
The Solana (SOL) price trend had been oscillating inside a symmetrical triangular pattern in the daily chart for the last month. The pattern’s breakout rally forms an ascending triangle pattern with the support of the 50-day SMA and the $45 mark acting as the overhead resistance. Currently, the price showcase a sideways trend between the 50 and 100-day SMA, projecting a contraption of trend momentum.
Source – Tradingview
SOL Technical Analysis
The SOL technical chart shows a bullish candle with lower price rejection resulting in a jump above the 100-day SMA. However, the price action confirmation will be the ultimate buying signal for traders hoping to ride the breakout rally. As the market price exits the trap within the 50 and 100-day SMA, the unleashed trend may soon gain bullish momentum. The daily-RSI slope showcases a diagonal trend above the halfway line, reflecting a bullish incline in the underlying sentiments. Moreover, a bullish crossover in the MACD and signal lines project the possibility of a $45 breakout. In a nutshell, the SOL technical analysis keeps an optimistic standpoint for the upcoming price trend.
If the SOL price action shows a bullish breakout of the ascending triangle pattern, the unleashed bullish momentum will drive the uptrend to the $58 mark. However, a bearish breakdown of the 50-day SMA will test the support level at the $35 mark. Resistance Levels: $45 and $58 Support Levels: $35 and $25