- Solana price sustaining above all vital moving averages and is looking strong relative to the weak market sentiment
- The coin witness very little or slight selloff while it is trading near the all-time high, indicates strong buyers bias
- The pair of SOL/BTC is trading positively at 0.001032 BTC with intraday gains of +4.36%; similarly, SOL/ETH is CMP at 0.01371 ETH gains +4.57%
Solana price outperforming against the global crypto market and is trading on a bullish bias. The coin is trading near all time high, although the market is experiencing a strong selloff or correction. However, the volume fraction is also good supporting sustainability at current levels. Similarly, the 20-day moving average is acting as a short-term support line and must behold on the closing basis of the day candle. The overall long to medium-term trend is bullish, and SOL manages to sustain above 20, 50, and 100-Day moving averages. Support on the lower side is at $39.50 and $36.40; likewise, resistance on the higher side is $50.10 and $52.50.
SOL Trading Sideways Near The All-ime high levels
Over the weekly chart, the Solana price seems trading sideways near the all-time high levels. Meanwhile, the overall monthly chart structure still favors bulls, but SOL can witness a slight selloff in the shorter term. After a bullish rally, SOL is now looking weak for a very short term, and indicators also suggest some selloff. Currently, Solana is trading at $46.39 with intraday gains of +3.25% and volume also increases by +1.02% standing at $1,954,700,195. The total market capitalization stands at $12,631,798,141, gains +3.25%, and remains at 16th position on coinmarketcap.
Relative Strength Index (NEUTRAL) indicates neutral momentum while trading at 51.62. However, after a sideways trend, SOL is trading flat with no significant momentum.
Moving Average Convergence Divergence (NEUTRAL) currently indicates a bullish trend on the daily chart. It is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). While both the lines are close to each and a negative crossover is expected in the short term.
Support levels: $39.50 and $36.40
Resistance levels: $50.10 and $52.50.
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