Chart by TradingView
Solana continues to perform despite a decline in the buying volume, booking a 6% increase in the past 24h.
Key Support levels: $20
Key Resistance levels: $27
The resistance at $27 is keeping bulls in check. They have been rejected at that level on Saturday. In the process, SOL has formed an ascending triangle, and a major breakout is expected over the coming days. Should bulls fail, then the price can quickly fall to the $20 support.
Trading Volume: The considerable buying volume has allowed Solana to remain on the offensive, but the momentum is fading.
RSI: The daily RSI is just under 80 points and is making lower highs. This is bearish.
MACD: The daily MACD is still bullish but may do a bearish cross at any moment based on the histogram, which is also making lower highs.
The bias for SOL is neutral at this time.
There are some clear signs that Solana may not be able to overtake the key resistance at $27. Buyers would really need to step up to achieve that, and the current volume and indicators don’t show it.
