Solana (SOL) Coin Price Shoots 16%; Is It The Beginning Of A Recovery Rally?

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Solana (SOL) Coin Price Shoots 16%; Is It The Beginning Of A Recovery Rally?

Although while the cryptocurrency market eased up a bit from the overall downtrend, the Solana (SOL) coin price benefited the most as it showed an 11 percent intraday jump. Nonetheless, this growth may be the response of oversold coin value and investors accumulating cheaper prices. Consequently, seeing as the overall tendency is bearish, the present recovery is more likely a short-term relief rally.

Key points

  • A daily candle closing over $12 may promote   Solana (SOL) to 33 percent rise
  • The 20-day EMA slope near $12 increases the resistance power of this level
  • The 24-hour volume of trading in the Solana (SOL) coin is $538.5 Million, indicating a 163 percent gain

Solana CoinSource-Tradingview 

The 2022 end was one the most dreadful period for Solana (SOL) holders as it lost enormous market  price owing to the FUD concerned with the FTX Trading Ltd cryptocurrency crash. During the downfall, the coin price plunged to a new lower support of $9.45, registering around a 95.71 percent loss from the record-breaking peak of $260.06.

Nonetheless, on December 29th, the daily candle showed a long lower price rejection, indicating the intense demand pressure from below. Consequently, with sustained buying, the coin price rose 24.8 percent and reached a high of $12.

Likewise Read: Can Solana (SOL) Price Make Ethereum (ETH) Like Comeback From Mega Drop?

Still, the coin price as of now trades at $11.15, and the high price rejection candle attached signifies the sellers have not thrown the towel is still. Furthermore, if the daily candle closes below $12, the sellers will continue to hand the upper hand, and prices may struggle to surpass the overhead resistance.

Nonetheless, concerning the overall negative market sentiment, the present recovery is still to be considered a short-term rally before it shows suitability for next trading days. Furthermore, a positive  tendency breakout from $12 may prolong the price rally to 33 percent higher to hit $15.

Technical indicator

RSI: The growing RSI slope shot straight up from the oversold zone, indicating the Solana (SOL) coin price is attempting to stabilize the prior excessive selling. 

EMAs: the large gap betwixt the EMAs(20, 50, 100, and 200) accentuates the overall downtrend.

Solana (SOL) Coin Intraday Price Level

  • Spot rate: $11.37
  • Trend: Bullish
  • Volatility: Low
  • Resistance level- $11.65 and $15
  • Support levels- $9.4 and 7.6


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