July 8, 2021 user

The Solana token price has been moving higher even after rising by more than 30% within a fortnight. As the coin’s value increases by more than 30%, there were signs that the coin price is beginning to recover from its fall. Furthermore, the volume range remains decent, indicating the possibility of continued growth.

solana sol

Solana trades for $36.38, with an intraday profit margin of 8.39% and an increase in the intraday volume of 21.47%. The rising trading volume with increasing intraday profit margin projects a rise in bullish buyers.

The price of SOL coin has successfully breached the $35 mark as the buying pressure increases. Although the coin price could reverse from the pivot level, the rising spikes in daily buying volume in the 4-hour chart may break the bearish opposition. 

According to price action analysis, the SOL token price could encounter resistance at $40 or $45. The coin price could find support at the $30 or $25 level on the flip side. 

The coin price has exceeded all the significant EMAs in the 4-hour chart projecting a strong up-trending move. However, the investors might want to wait for a retest before entering early.

The RSI (Bullish) indicator indicates bullish momentum as the RSI line has risen and is heading higher.

The ADX represents a huge rise in trend momentum due to the recent price jump while the slope is near saturation.

Conclusion – The recent jump in the SOL token price indicates a strong uptrend that may soon lead the price higher to hit the $50 mark, but the strong resistance levels at $40 and $45 may lead to some short-term reversals. 

Support- $30 and $25

Resistance-$45 and $40

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