Solana (SOL) had been on an uptrend ever since the brutal market crash. However, recent bearish momentum overtook the market for Solana and resulted in a break on the uptrend. However, after establishing a support level, the cryptocurrency has started moving upwards again. At the time of writing, Solana coin stands at a price level of $40.45. The price of SOL coin has moved up by 7% in the past twenty-four hours while the daily trading volume has also increased by 20%. The fourteenth ranked cryptocurrency has also been moving up in the weekly timeframe.
Solana (SOL) technical analysis
The market sentiment for Solana is bullish. Out of the total twenty-six technical indicators, fifteen are giving out a signal of buy while ten are standing at a neutral position with only one indication of sell. The oscillators are neutral while the moving averages suggest a strong uptrend.
Solana (SOL) has been operating in a descending wedge formation. The cryptocurrency is approaching the end of the wedge and a break out is near. Solana appears to be breaking out at the 0.382 Fibonacci Retracement level. The cryptocurrency can expect to find strong support at the price level of $34 while the upside price targets and resistance levels lie at $45, followed by $54 and $63.
What has been up in the Solana space?
GTS – one of the largest trading firms in the New York Stock Exchange – has announced its debut into a crypto sphere with Solana. The trading firm has joined Pyth Network – a data aggregator on Solana’s blockchain – to