The Solana (SOL) coin has seen a strong rise over the past few days, with the price rising from levels of $95.26 to touch $181.46, before currently stabilizing around $178.87, with a daily increase of approximately +4.47%.
Overall trend
Through the analysis of the chart on the daily timeframe, we observe that the overall trend of the currency is clearly bullish, supported by a positive crossover of the major moving averages. The price is currently trading above the three averages (EMA 7, EMA 25, and EMA 99), which reinforces the positive outlook in the short and medium term.
Momentum Indicators
7-day moving average (EMA 7): $170.07
25-day moving average (EMA 25): $154.62
99-day moving average (EMA 99): $153.69
The fast moving average crossover (EMA 7) above the longer-term averages is a strong buy signal that enhances the chances of continued upward movement.
Stochastic RSI Indicator
K: 85.56
D: 78.62
The indicator is currently in the overbought zone, which means that the price may face some pullback or fluctuations before continuing to rise, especially if it fails to break through the nearby resistance.
Trading volumes
We are witnessing a clear increase in trading volumes coinciding with the recent upward movement, which supports the strength of positive momentum and indicates new liquidity entering the market.
Support and resistance levels
Nearest resistance: $181.46 – $185.77
First support: $170.00
Second support: $154.00 (bottom of EMA 25)
Summary of the analysis
The price is in a clear upward trend supported by strong momentum, but momentum indicators warn of a potential upcoming correction. If the price continues to rise and breaks through the resistance area of $185.77 with strong trading volume, we may see a rise towards levels of $195 – $200.
In case of a correction, the best buying areas are between $166 – $170.
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