This Indicator Suggests SOL May Reach $60, But There’s a Catch (Solana Price Analysis)

Solana’s price action is turning bullish with an imminent bullish cross. If the key resistance breaks, then SOL could rally towards $60.

Key Support levels: $38, $35

Key Resistance levels: $44, $60

SOL’s returned to an uptrend after finding support around $38 and now the price is approaching the key resistance at $44. A successful breakout here could propel the cryptocurrency much higher, with a target of $60. To date, the bears rejected all attempts by SOL to rally beyond $44.

Chart by TradingView

Technical Indicators

Trading Volume: The volume is in the green today but remains low.

RSI: The daily RSI returned above 50 points and is curving up. This is a positive sign, and the RSI may make a higher high which would confirm the uptrend and encourage buyers.

MACD: The daily MACD is a day away from a bullish cross. This would be an additional signal to the market that Solana is turning bullish and may break the key resistance.

Chart by TradingView

Bias

The short-term bias for SOL is bullish.

Short-Term Prediction for SOL Price

Solana holders had to go through difficulties last week, but sentiment has improved since, and this is reflected in the price. If bulls manage to break the resistance at $44, then the path opens up for SOL to go towards the next major target at $60.

The post This Indicator Suggests SOL May Reach $60, But There’s a Catch (Solana Price Analysis) appeared first on CryptoPotato.

Leave a Reply

Your email address will not be published.