SOL/USD Gains 2.69% to Trade Above $110 Level – Cryptovibes.com – Daily Cryptocurrency and FX News
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Solana Price Analysis – March 28
The Solana price remains above the moving averages, but the recovery could be extended above the resistance level of $120.
SOL/USD Market
Key Levels:
Resistance levels: $140, $150, $160
Support levels: $75, $65, $55
SOL/USD is currently hovering above the 9-day and 21-day moving averages. The technical indicator Relative Strength Index (14), for instance, is currently moving into the overbought region. The buyers seem to be gaining traction due to enough trading volume that is needed to sustain gains to $115. Meanwhile, the more the price delays the spike above $110, the stronger the sellers become.
Solana Price Analysis: Solana Breakout Seems Sustainable
The technical indicator for the Solana price may continue the bullish session in the next few trading days. It is, however, not clear how long the session will last because, since the beginning of this month, the bullish sessions have been frequent. Therefore, it is important to watch the resistance levels coupled with the movement of both technical indicators Relative Strength Index (14) and the Moving Averages.
On the downside, a bearish movement below the moving averages may bring back the short-term selling pressure while the next supports may come at a psychological $75, $65, and $55. Meanwhile, any further bullish movements across the upper boundary of the channel may hit the potential resistance levels at $140, $150, and $160 respectively.
SOL/BTC Market: Solana Bulls Are Getting Ready for the Upside
By comparing with Bitcoin, the SOL price is hovering above the 9-day and 21-day moving averages, currently trading at 2315 SAT. However, looking at the daily chart, if SOL/BTC makes a clear cross towards the upper boundary of the channel, traders can now say the bulls have come back fully into the market.
Meanwhile, if the market drops below the moving averages, the next key supports could be at 1600 SAT and below. On the bullish side, an additional bullish trend could push the market price to the resistance level of 3000 SAT and above. Similarly, the daily Relative Strength Index (14) reveals that the market may continue the uptrend if the signal line crosses above 60-level.
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