The price of Solana (SOL) has found temporary support around $9.79, putting a halt to the recent downtrend. A purchasing spree invalidated the downtrend in SOL, but bulls came into resistance at the day’s high, $11.30. The price of SOL rose to $10.97, an increase of 10.51 %, as a result of this positive pressure.
As the market has been trending upward in recent hours, technical indications hint at further bullish dominance in the SOL market. The technical ratings on the 2-hour price chart indicate that the bullish trend may continue since it displays a “strong buy” signal. This hypothesis predicts that the favorable trend in the SOL market will continue.
Bullish momentum is predicted to persist as long as the TRIX indicator remains above the zero line. Based on the SOL 2-hour price chart, the TRIX has reached 15.35 and is trending north, suggesting that buyers are in charge of the market.
With a score of 79.06, the Money Flow Index (MFI) warns traders to be on guard as the market nears the overbought zone. This trend suggests that the current period of bullish dominance is reaching its zenith, but this is merely a warning and not a guarantee of a price reversal.
The positive trend may not last long, according to the 24-hour price chart’s Technical Ratings, which are now displaying a “sell” signal. According to this theory, the current rising tide of the SOL market may soon begin to ebb.
Adding fuel to the fire, the TRIX has hit -108.73 and is heading sideways, indicating that buyer power is dwindling.
When the Money Flow Index (MFI) leaves the oversold area, as it has just done with a score of 40.00, it indicates a continuation of the present bullish dominance.
If bulls can get the SOL market price up over the nearby resistance level, the market’s technical indications point to much higher prices.
Disclaimer: In good faith, we disclose our thoughts and opinions in our price analysis, as well as all the facts we give. Each reader is responsible for his or her own investigation. Reader discretion is advised before taking any action.