Solana Expands By 20% In One Week, Prepares To Hit New Target

Solana expands by 20% in one week and prepares to hit a new price target after witnessing a strong bullish momentum in the past week so let’s read more today in our latest altcoin news.

The bulls however lost steam at the time of writing and in the past 24 hours, the coin dropped by 9% with the current support for SOL being set at $38. The price of the asset registered a new monthly high after the rally that happened on July 13. The technical outlook for Solana showed that the bears are taking over. After BTC dipped on the charts by 6% in the past day, altcoins had the same effect on the charts and the buying strength for the coin dropped and flashed negative price action. After the relief rally, it’s not that uncommon for coins to retrace.

If the buying strength enhances again, Solana might break past the current price level and could aim for an overhead price ceiling. If SOL manages to move the $44 price point, visiting the $50 level is not as difficult as it seems. The buying strength and the market sentiment can help Solana regain price momentum with the global crypto market cap being set at $1.07 trillion with a 5.1% negative change. SOL is trading at $41 with the bulls losing momentum once it reached $46. the overhead resistance for Solana was set at $48 which is a move above which can help Solana reach $50 and go above it. Falling from the current price mark will ensure that SOL will touch the $38 price level and then reach $30 so if the buying strength maintains momentum, SOL could hover around the same price area before rising furhter.

The amount of SOL traded only increased and showed an increase in buying strength as well which can be an indicator of a recovery on the charts. The altcoins’ buying strength remaiend low with sellers dominating the price action. In accordance with the same, the RSI showed the same emotion and was pictured below the half line meaning it saw decreased buying strength. There was a fall in the number of buyers and the indicator noted an uptick which can also be considered bullish.

The price of SOL was below the 20-SMA showing that short-term time duration sellers are boosting the price momentum. Solana expands by 20% in one week and the move above 50-SMA shows that the bullish action can bring a new rebound. SOL captured the fall in buying strength and showed a selling signal as well. The Awesome Oscillator shows a price direction and momentum along the turned reversals. AO formed a red signal bar which is often a selling signal.