The 11 percent gain of Solana from its dip on September 7 comes after months of turbulent market conditions. A tenth of that may be meaningless by the time this is published. The market is currently trending upwards.
The market bottomed out at $33.79 on Wednesday before falling 9.29% to $30.89. At this point, both the CCI and the Stoch RSI for SOL showed that the crypto had been oversold.
While SOL was recovering over the course of eight hours, trading volume decreased from the sell-off of 1.650 million to 1.280 million.
Solana Bulls Unfazed By Pressure
The dip was relatively minor, and the bulls continued to push higher. One of the largest positive price movements ever since SOL was introduced was a 16.55 percent increase. Recent research indicates that this price action is very bullish.
We can be upbeat about the price moving as high as $36.50 if it manages to end above the long accumulation zone tension ($33.05) on the charts.
From the most recent available data, we can see that the current support line is located somewhere around the $32.40 price range, but the price has been trading much higher, near $35.26, recently.
Since breaking through several near-term resistance levels at the 50, 38.2, and 23.6 Fib levels, the price of SOL has maintained its support.
SOL is attempting to merge its position above the 23.6 Fibonacci level after breaking through the $34.36 resistance zone. This trend aligns with the most recent price analysis.
SOL Expected To Breach Resistance At $33.85
On the four-hourly chart, SOL formed a “Symmetrical Triangle.” The Symmetrical Triangle is a pattern of declining volatility.
This indicates that market volatility is decreasing and that the market is likely to break out soon. There is a greater likelihood of SOL breaking out of its zone on the higher side, surpassing the resistance of $33.85.
According to this pattern, a breakout above $33.85 will take Solana’s price to the highs of August 25 ($36.42), followed by the psychological level of $40.0.
This may be the case with the current market. The $33.85 breakout occurred earlier this morning as of writing. Following that, the price range increased by 5.77 percent.
The bullish momentum has not diminished. Positive market indicators continue to indicate a strong buy. The next few days will reveal whether this breakout represents SOL’s next major boom.
SOL total market cap at $12.2 billion on the daily chart | Source: TradingView.com
Featured image from TheNewsCrypto, chart from TradingView.com