Solana’s (SOL) price remains consolidated in today’s session. SOL witnessed a recovery from recent consolidation. However, the advantage was stopped due to a stiff resistance barrier that resulted in a small setback. SOL bulls are in control of the trend and gaining momentum near the current levels.
Solana’s price remains in modest gains on Saturday. Price drops below the pivotal 50-day SMA near $203.50 Momentum oscillators warn of aggressive bidding.
Solana monitors 50-day SMA
On the daily chart, Solana price saw a correction of nearly 11% after hitting the $115.51 to $152 supply zone for the second time. Downward momentum found support near the $80.0 barrier and set the stage for another buying round.
A renewed buying pressure will pursue the following course of action to reach the higher level. This time, investors can expect the SOL price to test the upper trendline of the downward channel at $125, followed by the ultimate target of $135. This also coincides with the placement of the 50-day Simple Moving Average (SMA) .
Source: Trade View
This would represent a 56% increase from the low of $110.03 where the recent downside to the SOL has capped. Taurus needs to put in extra effort to take the current upward momentum further to the next level.
On the other hand, if the price continued to move within the downward channel, a break could trigger a retest of the $80.0 mark. This move would give bulls another chance to raise around $100. A failure, however, would take away the buyers’ control.
In addition, a daily candlestick below $92.0 will invalidate the bullish outlook for the pair. In that scenario, SOL could revisit the daily demand zone placed near $50.0 to $80.0.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is trading at 38 with a bullish crossover.
MACD: The moving average convergence divergence (MACD) is still hovering below the centerline.
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About the author
This post Solana (SOL) Price Today: SOL Trading Down Channel, Looking Up At $135.0
was published first on https://coingape.com/markets/solana-sol-price-today-sol-trades-in-downward-channel-looks-up-for-125-0/
