The Solana token price has been moving higher even after rising by more than 30% within a fortnight. As the coin’s value increases by more than 30%, there were signs that the coin price is beginning to recover from its fall. Furthermore, the volume range remains decent, indicating the possibility of continued growth.
Solana trades for $36.38, with an intraday profit margin of 8.39% and an increase in the intraday volume of 21.47%. The rising trading volume with increasing intraday profit margin projects a rise in bullish buyers.
The price of SOL coin has successfully breached the $35 mark as the buying pressure increases. Although the coin price could reverse from the pivot level, the rising spikes in daily buying volume in the 4-hour chart may break the bearish opposition.
According to price action analysis, the SOL token price could encounter resistance at $40 or $45. The coin price could find support at the $30 or $25 level on the flip side.
The coin price has exceeded all the significant EMAs in the 4-hour chart projecting a strong up-trending move. However, the investors might want to wait for a retest before entering early.
The RSI (Bullish) indicator indicates bullish momentum as the RSI line has risen and is heading higher.
The ADX represents a huge rise in trend momentum due to the recent price jump while the slope is near saturation.
Conclusion – The recent jump in the SOL token price indicates a strong uptrend that may soon lead the price higher to hit the $50 mark, but the strong resistance levels at $40 and $45 may lead to some short-term reversals.
Support- $30 and $25
Resistance-$45 and $40