Solana has experienced a notable uptrend since the start of the week with the altcoin's price rising by 6%. The upward trend seems to have come to a halt as the daily chart is currently in consolidation. This halted movement could lead to a decrease in the bullish momentum if it continues. It is essential that demand for SOL increases in the upcoming sessions in order to counter any decline in accumulation. At the time of writing, SOL was trading at $20.90 and bulls require breaking two critical resistance levels in order to continue their rise. The first major resistance is at $21.50 and should it be breached, the market could rise to $23.40. Technically, the Relative Strength Index is slightly below the 50-line, indicating that there are more sellers than buyers. The other indicator, 20-Simple Moving Average, also reinforces this observation as it lies below the asset’s actual price. For the Solana price to reach $26, the bulls must take charge and break these overhead resistances. On the other hand, if the altcoin drops to $18, the first support lies at $19.30.
Daniel Jones
- 2023-04-04
Could Solana's Uptrend Stall at Resistance Levels?
Solana has experienced a notable uptrend since the start of the week, resulting in a 6% rise in price. However, that upward trend has come to a halt and it is essential that demand for SOL increases in the upcoming sessions in order to prevent a decline in accumulation.
