Solana Stumbles At $100 Level As Bulls Recover The Market
29 April 2022 - 3:49AM
NEWSBTC
Solana price action indicates that bulls are attempting to regain
the market. SOL prices begin the daily trading chart in a
horizontal trend. As the market encounters resistance at the $100.5
level, solana prices are trading close to $100. Bulls will attempt
to drive prices higher in order to reclaim the $101 level. If
prices can be pushed below $99.5, the bears will be able to take
control of the market. In the previous 12 hours, Solana prices have
fluctuated between $97.10 and $100.54, with the cryptocurrency
gaining 0.11%. Solana Recovers Above $100 As the cryptocurrency
trades near to the $100.5 level, the bulls are encountering some
resistance, but there is a lack of momentum for additional
increases. The digital asset controls 1.84 percent of the whole
cryptocurrency market, with a trading volume of over $1.2 billion.
Related Reading | Bitcoin 401k? Fidelity Investments Says Yes
SOL prices have a market capitalization of $33.4 billion, putting
the cryptocurrency in sixth place overall. Solana prices are
attempting to break through $100.0 in order to initiate a bullish
surge that might return the cryptocurrency to $101. The next level
of resistance will be $103, followed by the all-time high of
$133.35. SOL/USD 1-day price chart, source: TradingView
After a strong surge towards the $101 mark, the daily price chart
for SOL/USD shows that Solana prices are hunting for support. The
market is now in a sideways trend, and there may be some short-term
consolidation. The market will be bearish if it falls below $99,
but if the bulls regain control, a return to $103 is possible. The
market’s slide is being held back by the negative trendline, but
buyers are striving to go beyond it. As market hesitation takes
hold, the RSI indicator is trading near the 50.0 level. The MACD
has crossed over to the bearish side, which might send prices lower
in the short term, but the bulls are still trying to push prices
higher. Alternatively, another slide to the downside might be
triggered by a likely rejection from the 55-day SMA, which bulls
have been unable to push and close prices above over the past four
trading days. Bears have enough room to move lower with the
Relative Strength Index (RSI) below 50, setting up the perfect
strategy to break below the $95 level and open up the can for
another 10% loss to $85. If that level fails to hold, the $75
level, which was identified by the bearish triangle established in
February and March, may come into play. Related Reading | Dogecoin
(DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout Featured
image from The Getty Images, chart from TradingView.com
Solana (COIN:SOLUSD)
Historical Stock Chart
From Apr 2024 to May 2024
Solana (COIN:SOLUSD)
Historical Stock Chart
From May 2023 to May 2024