Solana (SOL/USD)’s Sellers Endure Strong Bullish Pressure
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The $22.00 price level is the take-profit level for some Solana long-term traders. So they take their profit, but along the way in the bull market, many traders also hopped on board as the prevalent sentiment for the market remained bullish. Even now, some traders are taking advantage of the price pullback as an opportunity to invest in the upward-bound market.
Solana Market Data
- SOL/USD Price Now: $22.01
- SOL/USD Market Cap: $8,860,264,697
- SOL/USD Circulating Supply: 402,653,789 SOL
- SOL/USD Total Supply: 552,083,066
- SOL/USD CoinMarketCap Ranking: #9
Key Levels
- Resistance: $23.00, $24.00, and $25.00.
- Support: $21.00, $20.00, and $18.00.
Price Prediction for Solana: The Indicators’ Point of View
The Solana market is very likely to continue its upside journey after a while of consolidation at this major resistance level. Looking at the historical data of this market, it seems like history is repeating itself, as it does at the $18 price level and the $20 price level.
However, the Relative Strength Index (RSI) portrays the market at the edge of the overbought region. This information could trigger a stronger price retracement. But for now, bulls have strong support at the $21.36 price level, which is in proximity to the crucial resistance level. This shows that bulls are still dominating the market.
SOL/USD 4-Hour Chart Outlook
According to the perspective of the indicator on the 4-hour timeframe, there is still room for more bullish actions. The market momentum in the Relative Strength Index is at level 61, and the market is still within the enclosure of the Bollinger Bands. So the market is not having issues with being overbought.
Also, the Bollinger Bands indicator is currently contracting as a signal for a possible price breakout. Most likely, it will be a bullish price breakout.
