Despite catastrophic performance in 2022, $SOL resilience and pace on the market clearly show that the network is going to survive
, currently hovering around the $24 mark, is also displaying bullish tendencies. With the Relative Strength Index around 60, it suggests that while the asset is approaching overbought territory, there is still room for growth before any potential pullback.
However, it is crucial to note that while indicators like the"golden cross" provide insights based on historical data and patterns, the cryptocurrency market's volatile nature means nothing is set in stone. External factors, market sentiment and global events can always introduce variables that can affect predictions.Exponential Moving Averages can sometimes provide valuable insights, especially when shorter term EMAs cross above or below longer term ones.
That being said, it is important to note that this particular EMA cross is not foundational and is less widely regarded by traders. This is primarily because the 21 EMA is not as commonly used as other, more standard time frames, and its interpretation can vary. The 200 EMA, on the other hand, gives a broader view of price movements, and when a shorter EMA like the 21 moves above it, it might suggest that recent bullish activity could be stronger than the longer-term trend.
Historically, when trading volume diminishes, especially after a prolonged period of heightened activity, it is perceived as the calm before the storm, a precursor to a significant price move. In Ethereum's case, the dropping volume suggests that traders are adopting a wait-and-see approach which, more often than not, precedes a trend reversal. If this pattern holds true, ETH might just be gearing up for an upward price trajectory.
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