Price Analysis

Solana(SOL) Price Flashes ‘Buy Here’ Signal, Is It a Good Time To Stack More?

Written by: Sara K

Written by right arrow

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

  • author facebook
  • author twitter
  • linkedin

Dec 21, 2021

news-image
Highlights

    Solana price after reaching the monthly highs close to $190, fell into the bearish trap yet again and trying very hard to rebound

    The asset on the other hand is manifesting huge possibility of going parabolic, yet the time frame remains a huge constraint

The traditional cryptos are playing hard in the crypto space with frequent jumps and corrections, leaving the crypto space quite misty about the next move. Yet the other altcoins do tend to follow the ongoing trend and despite having huge potential to go parabolic. Solana(SOL) price is among these tokens which possess huge capabilities of smashing $250, yet remain out of focus due to diminished attention.

Advertisement

Solana price is approaching a really high probability area where one can expect a notable reversal to the upside area. The asset experienced a massive impulse in August and since then it has been stuck within the same ranges. Currently, the SOL price may have approached the completion of the correction and attempted the next impulse move.

  • The price is attempting to break the immediate resistance levels and hence is ranging high since the beginning of the present trading day.
  • Solana price has formed a double bottom pattern and is testing the neckline of the pattern close to $180
  • No doubt the price is not able to break the pattern, yet the consolidation along the neckline points out towards the building buying volume. And hence the impact may be witnessed after a couple of hours from now.
  • The asset needs to rally above the monthly highs at $190 in the next 3 to 4 days in order to close the yearly trade on a bullish note

On the whole, Solana price is manifesting notable signs of propelling hard following a boost. And the boost may be in the form of a massive influx of the volume in the near future. However, the SOL price currently appears to be standing at the igniting stage where-in a notable flip or a massive leg up may be round the corner. 

Show More

Was this writing helpful? myImage dislikeimage

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

Related Articles

Back to top button