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July 9, 2022

Solana (SOL) Price Analysis 07/09

At the time of writing, Solana has a great deal of promise. Despite this, the price and momentum did not alter much. The last intraday trading session saw both the bulls and bears benefit from the market’s volatility.

A doji, though, suggested that the seller was edging. Pressure to acquire the currency is increasing throughout this current trading session. The green candle on the chart serves as a visual reminder of this achievement.

The asset, although being in green, has shown no substantial growth. Despite this, there are signs that the increase will continue in the days to come.

In the previous 14 days, Solana has failed to rise beyond $40. This might change in the next few days, as market patterns suggest that SOL will flip this important level. This may be further explained through the use of pitchforks and other technical analysis tools.

We can see that a common pattern is nearing its finish, but it won’t end until the coin reaches its top. Observing the pitchfork’s channel, we may assume that the cryptocurrency is likely to retest $45, flipping the $40 barrier.

The indicator has not released any fresh information. A widening gap between the 12-day EMA and the 26-day EMA has been seen in the Moving Average Convergence Divergence.

Another measure to keep an eye on is the Relative Strength Index. We can see from the chart above that the RSI is consistently rising over 50, indicating a healthy level of trading activity from both sides of the market.

If this trend continues, it might lead to more price stability. Fibonacci retracement channels may also be seen in the graphic above. There seems to be a long-term support level of $25 using this instrument. This is a risky bet since it’s one of the most difficult levels to turn.

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