Solana (SOL/USD) Trade Is Consolidating, Pushing Northward

Solana Price Prediction – March 16

There have been notable, steady positive price movements in the market activities that involve Solana with the valuation of the US coin, given that the crypto-economic trade is consolidating and pushing northward.

Even though the forces supporting the upward price movements have not yet indicated that they may give in to a declining crypto signal, bulls have to be cautious about exiting new positions. Furthermore, long-position placers would have to adopt a strategy by not aiming to dwell too long before cashing out some of their points in profits. The purpose of expressing that opinion will be to prevent any unexpected pull-down motion that can quickly indicate the requirement for a correctional commencement point.

SOL/USD Market
Key Levels:.
Resistance levels: $200, $220, $240
Support levels: $160, $140, $120

SOL/USD – Daily Chart
The SOL/USD daily chart reveals that the crypto-economic price is consolidating, pushing northward.

The upper Bollinger Band trend line has been firmly stretching to the north side in compliance with the rising pressures of the crypto coin. The stochastic oscillators are in the overbought region, steadily moving in the overbought region to confirm that velocity signs to the upside are steadily ongoing.

What bargaining formation needs to occur in the SOL/USD trade at this time before an ideal retracement motion may resume?

In line with the current pushing pace in the SOL/USD market operation, the crypto market is nearing an extreme point that could lead back to a correction in no time, given that the crypto economy is consolidating and pushing northward at this moment.

Because most indicators now show that the price has been speaking on the long-term upward running moves that it has embarked on over a few sessions, it may be challenging for buyers to launch additional longing position orders toward or near the resistance trade value of $120.

Bears need to buckle up in anticipation of more climbs at around or above the trade barrier of $120 if the news is that they will soon receive a re-set trade positioning order for shorting orders as it has been envisaged. As soon as two bearish candlesticks form around the higher Bollinger Band, they will show up and provide good-selling entries.

SOL/BTC Price Analysis
In contrast, the Solana has been on a consolidating trade stand-up against Bitcoin over a couple of sessions, pushing northward until the time of this write-up.

The stochastic oscillators have entered a deep penetration of the overbought region, exhibiting a sustained northbound-swerving pattern. The base cryptocurrency is still rising higher against the counter-trading instrument, as indicated by the Bollinger Band trend lines, which have been consistently outstretching the upper section in a straight setting.

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