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Possible Bull Breakout For SOL As Price Nears 8 EMA Resistance

Cryptocurrency May 16, 2022 06:00AM ET
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© Reuters. Possible Bull Breakout For SOL As Price Nears 8 EMA Resistance

    • The price of the Solana (SOL) has seen a good gain in the last 24 hours given the current crypto market outlook.
    • The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line.
    • There could be a small retracement, followed by a bullish pump to $70.

The price of the Solana (SOL) has seen a good gain in the last 24 hours given the current crypto market outlook. This is according to the crypto market tracker, CoinMarketCap.

SOL is one of the handful of crypto projects on CoinMarketCap’s list that have seen a price gain in the last 24 hours as its price rises by around 4.42% at the time of writing. The price of SOL now stands at $53.79. However, SOL is still down over the last 7 days by 27.40%.

SOL’s price has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by around 4.93% and 5.40% respectively at the time of writing. Currently, SOL is worth approximately 0.001813 BTC and 0.02668 ETH.

Ranked number 8 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SOL’s market cap currently stands at $18,163,174,754. The daily trading volume of SOL is up as well by 22.92%, with its 24 hour trading volume summing up to $1,955,113,121.

8 EMA acting as resistance for SOL (Source: TradingView)

The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line. There has also been more buy volume entering SOL’s market over the last 5 days. However, bears are not giving up the fight, currently dominating today.

If the price of SOL breaks past the 8 EMA line, then we could see a trend reversal. There may be a slight retracement over the next day or two. As long as the retracement is smaller than the move from $45 to $58, there will be room for SOL to jump to around $70 after breaking past the 8 EMA.

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Possible Bull Breakout For SOL As Price Nears 8 EMA Resistance
 

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