Solana (SOL): This Pattern Means a Potential Upswing

Solana has currently traded inside a consolidation phase. Despite recovery outlooks on the charts, the altcoin trades around value areas last witnessed in August 2021. SOL recorded lateral price actions over the past couple of days.

Presumptions are SOL would experience a trend shift following a consolidated phase. The technical picture revealed positive price movements for Solana on the 1hr and 24hr timeframes.

SOL has gained more than 40% from the lowest value touched in mid-March 2022. For now, SOL has its price movements within the $44 – $58 value area. Meanwhile, an upward move beyond $70 remains crucial for Solana to erase bears in the space.

Buyers started entering the market again as the northbound price movements boosted their confidence.

SOL Price Analysis – 1Day Chart

While publishing this blog, the alternative assets traded at $53. Though Solana maintained sideways actions, the technicals suggested a potential bullish reversal. The immediate resistance level stands around the $60 mark, and an intense struggle to overcome the hurdle would see SOL trying to visit the following resistance.

On the other hand, the support floor stands at $44.85. Losing grounds at the barrier would see SOL plummeting towards $34. Solana never explored these zones over the past ten months when the altcoin maintained bullish price movements.

For now, Solana seems prepared and ready for bullish moves as it bounced off the stable $40 support on the price chart. Such price indications might mean upticks in the upcoming sessions.

1Hr Timeframe

The 1hr chart shows an ascending triangle pattern. This setup means bullish price movements within the marketplace. SOL might break beyond the $53 shackles to challenge the value area at $60. Consistent buyers would see such developments happening even quicker.

The token’s volume appeared green, confirming bullish momentum within the market. Meanwhile, the alternative coin can consolidate in the immediate sessions before overcoming the sideways trading formation.

Technical Analysis

The charts show buying momentum resurgence. The altcoin attracted buyers as it gained some of the lost strength. Meanwhile, the Relative Strength Index recorded an upswing. Solana escaped oversold conditions. Nevertheless, Solana still has selling vigor surpassing buying pressure.

MACD displayed green sign bars following a bullish cross. The green bars confirmed price momentum change plus declining selling pressure. Meanwhile, the declining selling pressure would see Solana attempting to overcome its nearest resistance level.