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With the recent news of Google cloud becoming a Solana validator, the SOL price witnessed a significant inflow. On November 4th and 5th, the bullish rally showed a 26% gain and hit the monthly resistance of $38.65. However, the supply pressure at this resistance triggers a minor correction with a pullback opportunity for interest traders.
Кључне тачке
- The combined support of 0.382 Fibonacci retirement level and $34.5 offers a suitable launchpad to resume price recovery.
- Significant growth in daily-RSI slope validates high momentum recovery in Solana.
- 24-часовни обим трговања Солана новчићем је 1.827 милијарди долара, што указује на губитак од 9%.
Извор-Традингвиев
The late October recovery rally in the crypto market triggered a sharp recovery in Solana price. The bullish reversal registered a 40% growth over the past two weeks and breached local resistances such as $30.5 and $34.5.
Међутим, алтцоин could not break the $38.65 supply zone, resulting in a minor correction to the breached resistances. A volume retest candle indicates a temporary pullback which should eventually lead to the resumption of prevailing recovery.
The post-correction rally could push the prices above the monthly resistance of $38.65.
A bullish Pattern S+potted In Solana’s weekly chart
Извор-Традингвиев
The Solana price shows a доубле боттом паттерн in the weekly time frame chart. This bullish pattern is well known for trend reversal and offers a long position entry to interested traders. Thus, a breakout from the $38.65 barrier should intensify the bullish momentum for a rally to $47.5.
The $47.5 level stands as a neckline resistance for the aforementioned pattern, holding huge growth potential upon its breakout.
Conversely, a daily candle closing below $34.5 support will weaken the bullish thesis.
Технички индикатор
МАЦД индикатор: la МАЦД and signal lines jump above the neutral zone with a significant gap indicating growth in underlying bullishness.
ЕМАс: the rising coin price recently breached the 100-day EMA slope, which offers an extra edge for bull rally resumption. Moreover, a bullish crossover between the 20-and-50-day EMAs should attract more buyers in the market.
Solana Price Intraday Level
- Спот цена:35.19
- Тренд: Медвеђи
- Волатилност: средња
- Нивои отпора: 38.65 и 43.2 долара
- Нивои подршке: 34.5 и 30.5 долара
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Source: https://coingape.com/markets/post-correction-rally-may-drive-solana-prices-above-38-6-enter-now/