In the last week, the Solana price has hit a brick wall at $38.00. But SOL may soon jump this hurdle. And if it does, the sun could be shining on the bulls.
Solana (SOL) is trading at $36.66, up $0.88 (+2.55%)
Like much of the market, Solana has enjoyed a great run over the last two weeks. However, SOL has been one of the better performers, gaining 73% since the 20th of July.
As a result, SOL has increased its market cap by more than $3 billion to $9.7b, making it the 14th-largest cryptocurrency. Although considering the recent performance, it may soon leapfrog the 13th-ranked Bitcoin cash, which has a market cap of $10.3 billion.
SOL Technical Analysis
Looking at the daily chart, it’s clear the Solana price has broken out of a descending triangle pattern. SOL extended higher after clearing the trend resistance, advancing beyond the 50-day moving average at $31.43.
Although, the 100 DMA has proved sticky and rejected the initial rally. But this morning, Solana is above the 100-day at $35.69 and pressing the next resistance level.
Despite trading above the 100 DMA in each of the last 6 trading days, Solana has fallen short at the horizontal resistance offered by July’s $38.68 high.
However, if the price manages to take out this resistance, it clears the path to May’s $61.44 peak.
The price outlook is certainly positive and becomes even more so, above $38.68. However, this bullish view depends on the Solana price remaining above the descending trend at $29.50.
On that basis, if SOL closes below $26.50, the bullish call becomes invalid.
Solana price chart (Daily)
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