Solana (SOL) price seems to be undoing the bearish pressure that has kept it subdued all this time. The recent spike in buying pressure has pushed SOL
Also read: Solana price edges closer to a volatile move
Solana price trades at $21.2 after producing a decisive three-day candlestick close above the 13-day, 25-day and 30-day Exponential Moving Averages in the $20-region. This move has also produced a higher high relative to the September 19 swing high of $20.54. While the Solana price action is bullish, no doubt, the momentum indicators – Relative Strength Index and Awesome Oscillator are also showing signs of improvement. The RSI, in particular, has flipped above the 50 mean level on the three-day chart, signaling that the strength of bulls is on the rise, The AO, however, is still below the zero mean level, lagging behind RSI.
The first target for SOL traders is the $25.8 level, which is roughly 22% away from the current level and is a good trader for short-term investors. But the $25.8 barrier is key from a long-term perspective; a flip of this hurdle into a support floor on the three-day chart could catalyze a 43% rally in Solana price to $37.1. This move would constitute a 76% gain from the current level.
While the optimistic outlook for Solana makes logical sense, considering the recent price action and momentum indicators, investors need to be cautious. A sudden spike in selling pressure that pushes SOL to produce a three-dayIn such a case, Solana price could crash nearly 15% and revisit the $14.9 foothold.
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