SOL Technical Analysis: Poised to Break Resistance at $20.80
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SOL Technical Analysis: Poised to Break Resistance at $20.80

March 30, 2021      Ankita Awasthi

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.

Past Trends

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.

SOL Price Analysis

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.

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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.

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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.

#SOL #Solana
Ankita Awasthi
Ankita Awasthi

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.