Solana in consolidation — Will it break $260 or drop to $212?
The post Solana in consolidation — Will it break $260 or drop to $212? appeared on BitcoinEthereumNews.com.
Solana’s price was consolidating at $237.80 while maintaining a bullish market structure. The ecosystem showed robust health, with Solana ranking third in weekly NFT sales volume. The Solana[SOL] ecosystem has entered a critical consolidation phase, with the asset currently trading at $237.80, marking a slight decline of 0.22% in the last 24 hours. While the recent price action suggests a period of indecision, several technical indicators point to interesting developments beneath the surface. Solana technical indicators paint a complex picture Solana’s Moving Averages(MA) showed an intriguing pattern, with the MA Cross (50, 200) currently positioned at 212.84 and 181.42, respectively. This sustained positioning of the 50-day MA above the 200-day MA maintains the golden cross formation, traditionally a bullish signal. However, the declining slope of both moving averages suggests mounting selling pressure in the near term. Source: TradingView The SOL Bollinger Bands readings of 231.40 and 279.65, with a lower band at 183.15, indicate a widening volatility range. This expansion typically precedes significant price movements, though the direction remains uncertain given the current market structure. Volume analysis and market momentum Trading volume has fluctuated, with the current volume at 211.13K SOL. The volume profile reveals an interesting pattern. Recent spikes coincided with price surges, while consolidation followed a gradual decrease in volume. This pattern highlighted a potential accumulation phase. The MACD indicator showed a bearish crossover forming, though the histogram suggested weakening downward momentum. This technical formation, combined with the RSI reading of 55.05, placed SOL in neutral territory with a slight bearish bias. Solana’s critical support and resistance levels The LuxAlgo Support and Resistance indicator revealed crucial price levels, with immediate resistance at $264.63 and current support at $169.22. A historical resistance zone has formed in the $260-280 range, based on recent price action. Source: TradingView Solana’s price…
Filed under: News - @ January 31, 2025 1:27 pm