Solana (SOL) was among the most remarkable cryptos in 2021, rising over 8600% in a year. Recently, on the 4-hour chart, the price of Solana has been integrating into a small spectrum, establishing a bullish continuation pattern.
Since SOL has already corrected, a surge in demand could push it higher.
Price of Solana is making a strong comeback attempt
In the long run, the price of Solana appears to be optimistic. Nonetheless, there has been a recent slight decline correction in its price. SOL’s short-term technical outlook is unchanged, as it trades in a choppy range between $234 and $210.
On the 4-hour chart, the fifth most valuable crypto by market capitalization has established a symmetrical triangle. Although this type of structural pattern can break out in either path, other attributes for Solana point to a bullish viewpoint.
What is the future of Solana?
The 50-day exponential rolling average, for example, is acting as a strong support level at $200, and closing candles above this EMA indicate an uptrend.
The upward trend line that ran from October 12 to November 18 is still in place, providing additional support. In the meantime, the RSI has risen above 50, which is a good sign.
A surge in buying pressure near current price levels could support the bullish thesis and open the door to a move to $234 or $262.
Solana, on the other side, has shut a bearish enveloping candle at $234, indicating that the downward trendline is a substantial obstacle to overcome.
A downswing usually follows this type of candlestick pattern. As a direct consequence, traders should keep an eye on the $211 support level, as any signs of distress could lead to a revision to $187 or $167.
Witness the future journey and latest updates on Solana with Cryptured.com. Stay tuned.
