Solana (SOL) had a successful run in the last 24 hours, recording impressive 5% gains. This was enough to counter the 6.26% losses that it experienced in the last 7 days. As a result, SOL's price rose above $21 and established a position at press time.
In addition, the 9 EMA line on its 4-hour chart crossed bullishly above the 20 EMA line, signalling that SOL's price has entered into a short-term bullish cycle. Despite the encouraging developments, traders must take note of the 4-hour RSI line, which has established a peak, suggesting that the positive move may come to an end soon.
Interestingly, SOL's gains also allowed it to strengthen against two of the largest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH), by about 3.87% and 3.22% respectively. Furthermore, its 24-hour trading volume recorded a 6.94% drop, and stood at $366,983,467.
Given the current market circumstances, traders and investors should stay cautious and keep a close eye on the $21 support level. A close above this support will see SOL's price continue to rise, while a close below could result in its price falling to the next key support level at $20.45. Ultimately, readers must do their own research and due diligence before taking any action.
Dorothy Reyes
- 2023-05-13
Solana (SOL) Experiences Bullish Short-Term Gains
Solana (SOL) experienced impressive 5% gains in the last 24 hours, enough to counter the 6.26% losses that it experienced in the last 7 days. Its 9 EMA line crossed bullishly above the 20 EMA line, signalling that SOL's price has entered into a short-term bullish cycle. Traders must take note of the 4-hour RSI line, which has established a peak, suggesting that the positive move may come to an end soon.
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