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No Trend Reversal Confirmation Yet as SOL’s Price Bounces Up

Cryptocurrency May 02, 2022 09:00AM ET
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No Trend Reversal Confirmation Yet as SOL’s Price Bounces Up

  • The price of Solana (SOL) has risen in the last 24 hours as its price stands at $90.27.
  • The current market cap of SOL is $30,186,940,234, ranking it number 6 on CoinMarketCap’s list.
  • TA on the daily SOL/USD chart shows no confirmation of a trend reversal.

The price of Solana (SOL) has risen in the last 24 hours as its price stands at $86.99, according to CoinMarketCap. SOL’s price has climbed 1.38% in the last 24 hours. Looking at the weekly performance of SOL, the price has dropped 5.26%.

The current market cap of SOL is almost $30 billion, ranking it number 6 on CoinMarketCap’s list. The trading volume of SOL has dropped significantly in the last 24 hours as its total trade volume is around $1,198,042,243, which is a 27.81% fall in volume compared to the previous day.

SOL price bounces slightly after trying to test $80 (Source: TradingView)

SOL’s price bounced back after almost dipping below $80.00. This happened after the price of SOL broke out of a short consolidation period. During this period, the 15 EMA crossed below the 50 EMA to signal a bearish move. The price then confirmed the signal to dip to around $81.00.

However, it seems that bulls were adamant to not let the price of SOL fall below $80.00 as the week started off with the majority of volume coming from buy orders. There are no confirmations of a bullish move yet as the 15 and 50 EMA seem to be bearishly breaking away from each other. The signal line for MACD and the EMA also seem to be moving parallel to each other.

One early indication could be the gradient of the histogram for MACD going a little bit positive, but there is no clear confirmation yet.

Continue reading on CoinQuora

No Trend Reversal Confirmation Yet as SOL’s Price Bounces Up
 

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