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SOL Price Prediction: On April 11th, the Solana price rebounded from combined support of $20.4 and a breached resistance trendline. The resulting recovery surged the SOL price by 15% and pierced the immediate resistance of $22.75. This breakout offered buyers a significant footing to trigger a fresh recovery rally.
Key Points
- The recent correction in Solana price managed to rebound before the 38.2% Fibonacci retracement level indicating a healthy correction for a prolonged bull run.
- The momentum indicator RSI surged back above the midline reflecting the increasing buying pressure in the market.
- The 24-hour trading volume in the Solana coin is $470.2 Million, indicating a 10.4% gain.
Source-Tradingview
A bullish breakout from the long-coming resistance has set the Solana price for a sustained bull run The recent correction in SOL price amid the broader market sell-off validates the buyers’ sustainability above the breached resistance, indicating the buyers are defending the reclaimed levels.
Moreover, the replenished bullish momentum breached an immediate resistance of $22.75 providing an additional confirmation for price recovery. Today, the Solana price trades at $23.32 with an intraday loss of 0.09%,
This retest offers an additional entry opportunity to interested traders to ride a potential rally of 20% and hit the $26 resistance.
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However, the aforementioned resistance aligned with the 200-day EMA stands as a crucial supply zone that interested traders must watch for. Moreover, as per the Fibonacci extension tool, the potential rally may surge the coin price to 34% higher to hit $38.5(100% FIB).
Technical Indicator
Moving Average Convergence Divergence: Despite the recent correction, the MACD(blue) and signal(orange) manage to sustain above the midline keeping the overall market trend bullish. Moreover, a bullish crossover between these slopes offers a buy signal to potential.
Exponential Moving Average: With the recent growth, the coin price reclaimed the daily EMAs(20, 50, and 100) offering an additional confirmation for long buyers.
Solana Coin Price Intraday Level
- Spot price: $23.28
- Trend: Bearish
- Volatility: Medium
- Resistance levels: $26-26.75 and $30.5
- Support levels: $20 and $17.5
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
