Solana is a blockchain network that aids users in building decentralized applications that are highly scalable. Apart from high speed and security, the stand-out feature of this platform is that it is censorship-resistant. It is an open-source protocol highly conducive for global adoption. SOL is its prime governance token. In the previous SOL technical analysis, the price in the upward momentum.
On March 24, 2021, SOL started trading at $14.19. As of March 29, 2021, SOL closed at $18.95. Thus, in the past week, the SOL price has surged by approximately 34%. In the last 24 hours, SOL has traded between $17.64-$20.50.
Days-Ahead and Tomorrow
Currently, SOL is trading at $20.43. The price has risen from the opening price of $18.95. Thus, the market looks positive.
The A/D indicator is upward sloping. Thus, whale accumulations are higher than whale distributions. Hence, we can expect the SOL price to climb further upwards.
The MACD and signal lines are positive too. A bullish crossover by the MACD line over the signal line has also occurred. Thus, the overall market momentum is bullish. The price is poised to move further up.
Currently, the RSI is at 66%. It has just fallen from the ‘overbought’ region. Thus, buying pressures are still very high. It is also a good time for swing traders to go short. Hence, we can expect the price to rise further.
SOL Technical Analysis
Presently, as per technical analysis, the price is above the first Fibonacci resistance level of $20.12. As the markets are positive, by day end, we can expect the price to break out of the subsequent resistance levels of $20.80 and $21.89, respectively.
The price has tested and broken out of the 23.6% FIB retracement level of $19.82. Thus, the bullish trend is very strong. In that case, we can expect the price upswing to continue tomorrow as well.