Solana: Possible bullish breakout for SOL as price approaches resistance at 8 EMA

    • Solana (SOL) price has seen a nice gain in the past 24 hours given the current outlook for the cryptocurrency market.
    • The 8 EMA on the daily chart of SOL/USDT appears to be acting as a resistance level for the price of SOL as it attempts to cross the line.
    • There might be a small retracement, followed by a bullish pump towards $70.

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

The price of SOL 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 largest cryptocurrency projects by market cap, SOL’s market cap currently stands at $18,163,174,754. The daily trading volume of SOL is also up 22.92%with the 24-hour trading volume standing at $1,955,113,121.

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

The 8 EMA on the daily chart of SOL/USDT appears to be acting as a resistance level for the price of SOL as it attempts to cross the line. There has also been more buying volume entering the SOL market over the past 5 days. However, the “Bears” do not give up the fight and currently dominate.

If the price of SOL crosses the 8 EMA line, we could see a trend reversal. There could 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 the 8 EMA.

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