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Solana: Bulls target R825 amid continued buying trend

Published by
Nonhlanhla P Dube

The Solana price analysis maintains a buy recommendation for the coin. The ninth largest cryptocurrency by market capitalization has a 24-hour trading volume of $1,856,518,387, a 24 % decrease. The SOL/USD pair is currently trading at R733, up more than 5%.

Following the previous session’s sell-off, the SOL price gains momentum.

Bulls try to break through various resistance levels around the R742 mark.

A daily candlestick below R684, on the other hand, would dismiss the bullish reasoning.

SOL is looking for confirmation on the upswing

The SOL price has increased in the last three days, indicating that the bulls are back in play. On the daily chart, the price broke out of a bullish flag and pole pattern. On daily charts, the price is making greater highs and lower lows. Furthermore, the average volume suggests that the price is now disregarding any bearish sentiment.

Furthermore, the buyers were able to push the price above the crucial 50-day EMA of R680. The price could rise higher to test the critical R825 level, followed by the May 23 high of R901.

Bullishness is also supported by indicators. The momentum oscillators, MACD, and RSI remain above the average line, indicating that the trend is continuing, i.e. uptrend.

A daily close below the session low, on the other hand, would signal selling in the asset. Moving lower, support can be found near R660. The DOT price is developing an inverted head and shoulders pattern on the hourly chart. The right shoulder has received strong support from the 50-day exponential moving average as well as a rising trend line.

If the price remains above R734 on the hourly chart, we can anticipate strong positive momentum.

In all time frames, the SOL price analysis shows positive momentum. Any price retracement is an excellent purchasing opportunity.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
Tags: solana
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