SOL Technical Analysis: Bulls Struggles to Break $215
Solana is a platform that endeavors to implement a framework for decentralized applications (dapps) in a way that prioritizes scalability.
In recent news, the Ignition Hackathon managed by Solana was its biggest hackathon yet. It produced 500+ project submissions from teams around the world.
Let us now take a deep look into the technical analysis of Solana.
Past Performance of SOL
After breaking a crucial resistance zone near the $190 mark, the SOL coin price fails to rise above the $215 mark. However, the solid long-coming uptrend continues the endeavor of an upside breakout.
The rise of underlying bullish momentum is evident by the increase of intraday trading volume. It has risen by 60%, driving the SOL coin price 4.57% up.
SOL Technical Analysis
With the help of the support trend line, the SOL coin price sustains the uptrend in the daily chart. However, the uptrend struggles to rise above the $215 mark. Moreover, the sort-of triangle pattern bottles up, forecasting a trend-setting breakout soon.
Hence, traders can shortly find a breakout entry opportunity with massive potential to set the future trend. However, we must stay open-minded and be ready to adapt to any setbacks.
The breakout of the $215 resistance can be considered a suitable entry spot with minimum risk. Upon breakout, Pivot Points indicate supply levels at $234 and $275. However, a fallout can find support at the $190 and $150 mark.
The RSI slope sustains above the 50% mark in the daily chart as it moves at 62%. As a result, despite the recent setbacks, the RSI indicator showcases a strong underlying bullish momentum in action.
The MACD and the Signal line may soon merge together as the price action struggles for a breakout. However, the possibility of bearish crossover increases. Nonetheless, till we get a bearish crossover, MACD indicates a buy signal for the SOL coin.
Upcoming Trend
As per the technical analysis of the Solana token, the SOL price action is trying again to break above the $215 mark. Moreover, the technical indicators support the price action. Hence, traders with bullish intentions shall be ready for an upside breakout.