The cryptocurrency Solana has been trading in a corrective phase, where it has encountered various resistances which have pressurized the price to fall. On the other hand, it bounced back with a bullish tweezer bottom candle pattern, gaining 8.5% within the last four days. Currently, the coin is seen struggling to break the resistance trendline of the ongoing falling wedge pattern. A break out of this trend line may incur a 10% downfall and bring the coin price back to the lower trendline.
However, if the bullish momentum succeeds to overcome the resistance, a recovery rally may be expected, with possibleprice barriers at $24 and $26. If a daily candle closing above the resistance is seen, it will give the buyers more confidence to make a long position in the coin. Moving averages such as MACD and EMA are also supporting the notion of Solanasurge in its price with a bullish crossover gained in the MACD and various EMAs clustered together near the resistance trendline.
Rosalie White
- 2023-05-15
Solana Reaches Resistance After Bullish 8.5% Gain
Solana encountered resistances that pressurized the price to fall, but it recently bounced back due to a bullish tweezer bottom candlestick pattern, making 8.5% in gains. There is a chance the coin will break the resistance trendline, incurring a 10% dip, or it could surge with possible price barriers of $24-26.
