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Solana Pressured To Register A Breakout – Can The Bulls Lift SOL This Week?

The bulls are gaining dominance in the market with Solana generating gains of 5.14% or currently at 0.001863 SOL/BTC. The SOL price is pulled mostly by the bulls with a slight tug coming from the bears. With these gripping forces, the SOL price is stuck.

Currently, the bulls are relentlessly pushing the price closer to SOL’s resistance level. The bulls are putting in tremendous efforts to punch in a breach or else the bears will consolidate and ruin their efforts to register a breakout. With the low price, it’s now a huge wall to breach for the bulls waiting for that breakout.

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SOL Currently Trades At $41.6

Currently, the SOL coin trades at $41.6, with a remarkable gain of 5.26% in market cap in the past 24 hours. SOL currently has a trading volume reaching 1.8 billion, registering traction or an increase of 0.64%, and a total market capitalization of 15 billion seen overnight.

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Currently, SOL is moving up in both the daily and hourly price charts. This proves the point that the bulls are dominating the scene.

MACD and other technical indicators show a negative trend but now with SOL’s bullish movement, the MACD line glides up and over the MACD signal line. RSI which is close to 60 is also getting stronger, especially with the increase in buying activity.

The SOL price is currently a support line of 30.96 and a resistance of $47.6 seen in the daily price chart. With that being said, the bulls must push harder for a breach, or else the bears will jump at the first opportunity they see to punch a breakdown.

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Solana Price Indicators Show Bullish Curve

The technical indicators are getting stronger and showing a bullish formation.

Solana price is showing up from a bullish standpoint. Price tweak and improvements were noted as it was able to peak at $42.6 once again. The price experienced corrections in the second half seeing a bearish trend.

But, SOL was seen to recover the past couple of days but it seems the bearish pressure was able to set foot on the market.

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Despite the price increase, the bearish pressure is still imminent. The SOL price analysis reveals that the bulls are gaining traction despite the selling pressure as it was able to bounce back to $42.6.

SOL price is performing better and in a way, better position compared to previous levels as it generated over 11.37% in value seen in the past few days.

Moreover, SOL trading volume has also reduced by as much as 35% seen overnight which triggered a market dominance showing at 1.36% for SOL.

SOL total market cap at $14.3 billion on the daily chart | Source: TradingView.com    Featured image from TheNewsCrypto, chart from TradingView.com

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About Sean Patterson

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