SOL coin price action shows a bullish reversal near the support trendline of the rising channel. Thus, bringing the perfect buying opportunity.

The Solana protocol was created to allow decentralized app creation. It is designed to increase scalability by introducing a proof-of history (PoH) combined with the underlying blockchain proof-of-stake consensus.

Solana recently held an event, <a href="https://www.cryptoknowmics.com/news/solanas-first-conference-brings-together-defi-2-0-and-smart-contracts/">its first conference</a>, aiming to bring Defi 2.0 and Smart Contract together. The event had minor effects on the SOL price action, but the recent bullish reversal can gain momentum from this news.

Let us now learn about the technical analysis of Solana.
<h2>Past Performance of SOL</h2>
The SOL coin price forms a solid rising channel in the daily chart showcasing the superb uptrend in action. In the last 24 hours, the price gained 10% from the demand met near the support trend line. 

Assuming the price will reach the resistance trend line, we can observe an up move of $65 (approx. 30%) in the next few days. 

<img src="https://s3.tradingview.com/snapshots/j/Jy1pWX54.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/Jy1pWX54/">SOL/USD Daily Chart</a>
<h2>SOL Technical Analysis</h2>
The rising channel in the daily chart shows hardly any weakness in the uptrend. Moreover, the SOL price tests the $200 mark during the lower price rejection forecasting an up move shortly. 

As per Pivot Points, the up move can face rejection near the $240 and $280 marks. Also, the indications for the support levels are $185 and $150 marks.

The RSI indicator moves sideways at the 50% level in the daily chart after spiking up from the 40% level. The reversal in the slope is consistent with the price action. Hence, no divergence is seen. 

The falling intensity of the bearish histograms and the MACD line approaching the seller's line in the daily chart increases the chances of a bullish crossover. Hence, the MACD indicator shows a rise in bullish momentum.

The Stochastic RSI gives a bullish crossover with a double bottom pattern in the oversold zone in the daily chart. Hence, the indicator shows a buy signal for SOL coins.
<h2>Upcoming Trend</h2>
Solana is an open-source project with high functionality that uses blockchain technology's permissionless to offer decentralized finance solutions. Although the initial idea and work began in 2017, Solana was officially launched by the Solana Foundation based in Geneva.

The solid uptrend maintains the momentum as SOL coin prices show a bullish reversal in the rising channel. Moreover, the recent bullish engulfing candlestick near the support trend line can lure price action traders.

The bullish reversal can reach the $240 or $280 levels over a few weeks. Moreover, the constant support from the 50-day EMA shows underlying solid bullishness.

SOL Technical Analysis: Pullback Within Rising Channel Brings Buying Opportunity

Solana (SOL) coin price action shows a bullish reversal near the support trendline of the rising channel. Thus, bringing the perfect buying opportunity.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

SOL Technical Analysis: Pullback Within Rising Channel Brings Buying Opportunity

Top Picks