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- Solana crypto’s price has bounced back by 16% in 3 days, indicating the buyers’ involvement.
- The RSI has developed a golden crossover with the RSI-based moving average.
The Solana price has witnessed intense buying pressure since October 2023 and has gained around 800% till March. In March, the price reached the $200 hurdle and showed weakness. However, buyers made another attempt, but the result was the same.
The SOL price failed to sustain the high and dropped to the support level of $120. Since March, the price has bounced back four times from this hurdle and shown good buying pressure. This crypto asset’s price has recently surpassed the 200-day EMA and is heading for the 20-day EMA.
Will Solana Price Take a Reversal from the Demand Zone?
At press time, the SOL crypto price traded at $137.20, which remained neutral in the past 24 hours. Its market capitalization is $63.43 Billion, and the fully diluted market cap is $79.44 Billion. The 24-hour trading volume is $2.28 Billion, with a fall of 32% in an intraday session.
The SOL price has been wandering in the demand zone, and buyers are showing interest. It is bullish on a daily time frame and has shown short-term profit booking as of chart structure.
Buyers can be attracted if the price manages to defend the $120 hurdle and exceeds the 20-day EMA. If the trading volume supports the buying momentum, buyers might lift the price to the $200 hurdle in the next few months. In achieving the $200 hurdle, the cryptocurrency sentiment should turn bullish.
If not, the Solana price below the major support level might invite bears. The trend may become bearish if the price slips below $100. Most investors might prefer to book profits below $100, which may result in solid selling pressure.
Turning to the technical indicators, the RSI is 41 and has generated a bullish crossover with the RSI-based moving average. The SOL price has surpassed the 200-day EMA and is heading for the 20-day EMA.
Solana About to Take Reversal?
$SOL approaching confluence of resistances at $140.
— Crypto Rand (@crypto_rand) June 25, 2024
Breakout over this level triggers the bull reversal ⚡️
More trades at: https://t.co/N3WuQcWWkm pic.twitter.com/1kddQu5TIR
A source on X suggests the Solana crypto price is heading toward the confluence of resistances at $140. If the SOL crypto price triggers a breakout from this zone, trend reversal might be observed, and the last swing high might be approached.
Conclusion
The Solana price has been bullish in a broader time frame, but sellers seem to be strong in the short term. At the time of writing, the SOL price has been wandering in the demand zone, and bulls have shown interest. After exceeding the 200-day EMA, the price is approaching the 20-day EMA. A user on X claims the price may gain strong bullish momentum after triggering a breakout from the $140 hurdle.
Technical Levels
Solana crypto price may face resistance from the $170 & $200 levels. The SOL price might take support at the $120 and $100 mark if it gains a bearish trend.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
