SOL Price Analysis: Solana on the cusp of a turnaround 

•SOL/USD is currently priced at $46.46 and has increased by 8.79% over the past day 

•The trading volumes have increased by 16.14% over the past day 

•The technical indicators suggest a positive outlook for the near term 

Short Term View: SOL Coin withstands the bearish wave; looks poised for gains

The Solana price today is $46.46 USD with a 24-hour trading volume of $1,476,493,926 USD. Solana is up 8.79% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.0936 for the altcoin. 

Solana has witnessed a massive surge seen throughout the past week that has allowed it to climb the ranks and now the asset looks poised for a sustained run towards the crucial psychological resistance level placed at $50. The uptrend has had a significant bearing on the sentiment regarding SOL Coin as the asset trades above the 20,50 SMA on the four hour chart. If Solana can maintain it’s uptrend and remain above the support level placed at $40, the asset may be well-positioned to see further near-term upside in the days and weeks ahead.


Long Term View for Solana

The technical indicators for SOL Coin reinstate the bullish alignment as the RSI is currently transacting at 37.65, thus giving off a neutral signal. The RSI has recovered from the recent oversold position it found itself in over the past few weeks. The presence of green histograms on the daily MACD chart paints a positive picture for the near term while the MACD and signal lines continue to head towards the zero mark. 

Conclusion 

SOL Coin withstood the huge pullback in recent times and is currently working on its recovery. Hence, there are possibilities of the altcoin going on an uptrend in the days ahead.

Support: $43.50-$40

Resistance: $50-$60

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.