SOL Price Analysis: Solana(SOL) Rides Bullish Channel To All Time High
- SOL price reaches new all time high in market revival
- Solana is becoming popular for its low cost and fast transactions
- SOL price must hold its 30 MA to continue up trending.
Solana(SOL) has been gaining steam as a blockchain in response to cost and time effective incentives. Investors have been buying up SOL like crazy as the price has risen over 150% in April. SOL has been in an ascending channel for nearly 10 days holding the price steady in an uptrend.
The current price channel has been a highly respected mark for the bears or bulls to give up their strength. SOL has just experienced a touch of the bottom support of its channel. This area is also met with a major support zone at $42. To remain bullish SOL must hold the bottom trend of its channel as well its its current support range.
SOL Price Analysis: SOLUSD 4 Hr Chart
Chart By TradingView
The bottom trend line of the ascending price channel is currently met with the 30 MA, acting as support. This moving average has held the price of SOL during its uptrend the last week. A break of these levels will send the price of SOL to its support range of $31-$34. Minor support is found in the middle near $38.80.
While looking at the Stochastic RSI, we can conclude that a short term correction may be completed as the strength reset to oversold levels. This low of strength on the Stochastic RSI has not been seen for nearly 2 weeks. This can indicate the bulls are readying for another push to ATH.
SOL intraday levels
- Spot rate: $44
- Trend: Bullish
- Volatility: High
- Support: $42
- Resistance: $46.8