Solana has reached important price level, and next moves will determine its foreseeable future
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Adding to this bullish narrative is the surging Relative Strength Index . For those unfamiliar, the RSI is a momentum indicator that measures the speed and change of price movements. An RSI above 70 is generally considered overbought, while one below 30 is deemed oversold. Currently, SOL's RSI is on the rise, pointing to strong buying pressure and reinforcing the bullish stance on the asset.
A close analysis of the chart reveals that this resistance level has not been breached even once in the recent past. Every attempt made by ADA's price to rally above this resistance met with a decline. Now, as ADA's price is again surging toward this pivotal mark, the entire crypto community is left wondering: Is this the moment Cardano finally breaks through?The significance of ADA breaking this resistance cannot be overstated.
Diving deeper into the technicals, MATIC's volume profile offers insights that cannot be ignored. A consistent increase in trading volume accompanying its price surge suggests genuine buying interest rather than a mere speculative pump. High trading volumes in bullish rallies serve as a testament to the conviction of market participants.
Equally intriguing is the Relative Strength Index trajectory. Hovering above the neutral zone and not yet in overbought territory, MATIC's RSI indicates room for further upward movement. This momentum, when combined with the recent 50 EMA breakthrough, strengthens the case for a test of the 200 EMA in the near term.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future.
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