SOL/USD Trades Near $110 Resistance Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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Solana Price Analysis – April 19
The Solana price is trading above the 9-day moving average; a breakout towards the upper boundary of the channel could trigger a rapid increase.
SOL/USD Market
Key Levels:
Resistance levels: $135, $140, $145
Support levels: $80, $75, $70
SOL/USD is now resuming the bullish continuation as the buyers gain control of the market today after touching the support level of $101.08. The 3.36% surge in volatility is leveling up the trading price to touch the resistance level of $110.
Solana Price Analysis: Solana Price May Head to the Upside
According to the daily chart, the Solana price has been trying to increase since a couple of days ago. Therefore, traders may see more climbs in the next few positive directions if the coin trades cross above the 21-day moving average to hit the resistance levels at $135, $140, and $145 respectively. Once this is done, it is likely for the bulls to start controlling the market.
On the downside, the 9-day MA remains below the 21-day MA, and once the market price head to the downside, it may start going down. In the meantime, if the Solana price drops below the current market level, the $100 level could provide support for a possible bearish retracement.
But if not, the coin may further hit the supports at $80, $75, and $70. According to the technical indicator Relative Strength Index (14), the signal is moving to cross above the 50-level, which could determine the next direction that Solana may follow.
SOL/BTC Market: Price Heads to the North
Against Bitcoin, Solana (SOL) is tremendously trading upward as the market price hovers at 2566 SAT. The Solana price is now contained within the channel as traders expect the bulls to hopefully push the market higher but at the time of writing, the Relative Strength Index (14) moves above the 50-level.
However, if the bulls push the price above the 9-day and 21-day moving averages, traders can expect initial resistance at 2700 SAT. Above this, higher resistance could be located at 2800 SAT and above. On the contrary, if the sellers bring the market below the 9-day moving average, the market may hit the critical support at 2300 SAT and below.
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