Solana has been currently trading within a consolidation phase. Despite a recovery on charts, the coin is trading at the level it last traded in the month of August, last year. Over the last few days, the coin observed lateral price movements.
Usually after a consolidated phase, it can be assumed that the altcoin could witness a change in the price movement. Technical outlook painted a positive price action for Solana on both its hourly as well as daily chart.
Solana has recovered by over 40% from its lowest price which was recorded mid month, this year. At the moment, Solana has been trading between $44 and $58 price level. If the coin has to invalidate the bears completely, a jump above the $70 will be required.
As the price of the asset started to note northbound movement, buyers regained confidence and started to re-enter the market.
Solana Price Analysis: One Day Chart
Solana was priced at $53 on the one day chart | Source: SOLUSD on TradingView
The altcoin was exchanging hands at $53 at the time of writing. Although, SOL was moving sideways, the technical pointed towards a possible bullish revival. Nearest resistance line for the coin stood at $60 and if the coin struggles too much to break past the aforementioned level then SOL could attempt to visit the next support line.
The next price floor for SOL was at $44.85 and then at $34. Solana has visited these levels almost over ten months ago when the coin was on a bullish price action.
Bullishness can be pointed out because SOL has just managed to bounce off the long standing support line (yellow) of $40 on the above chart. This particular price action can be attributed to a further upside movement.
Related Reading | Solana TVL Sees Sharp Decline, Reaches 2022 Low
One Hour Chart
Solana formed an ascending triangle on the one hour chart | Source: SOLUSD on TradingView
An ascending triangle has been formed on the one hour chart. This formation is tied to a bullish price action in the market. Solana could…
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