Solana (SOL) Bulls Outperform Bears with Price Up 0.95% By CoinEdition

Solana (SOL) The bulls outweighed the bears with a 0.95% price increase
  • SOL bulls outnumber bears as prices rose 0.95%.
  • Solana daily low of $12.64 provides support.
  • Technical indicators predict that the bullish oversight will continue in the near term.

After stagnating and selling in the previous 24 hours, the Solana (SOL) bulls were able to intervene and reverse the bearish trend in the market. As of press time, SOL is up 0.95%, at $13.02.

This bullish outperformance was adopted by a 2.94% increase in the market capitalization to $4,777,183,137; However, the 24-hour trading volume fell 5.15% to $337,041,072, which has investors worried.

24-hour price chart Source: CoinMarketCap

The Bollinger Bands on the hourly SOL price chart are widening, indicating an increase in market volatility. This bullish trend is supported by price swings towards the upper band, which is at 13.15, while it touches the lower band, at 12.55.

When the blue MACD line crosses the signal line with a reading of 0.01 and points upwards to the positive zone, it means that the bears have been captured by the bulls and the bullish prominence will exercise control in the near term. The histogram pattern in the positive area also boosts the bulls movement in the SOL market.

A Stoch RSI reading of 68.15 on the hourly SOL price chart provides clarity to investors as it is neither overbought nor oversold, which indicates that the prevailing trend will continue as there is equal buying and selling tension.

Hourly SOL/USD price chart Source: CoinMarketCap

The advance of the Coppock curve above the “0” line represents bullish momentum, as seen on the SOL price chart, the Coppock curve touches 3.73 and is pointing upward, which indicates that the bullish control may continue if the bulls hold on to the resistance level.

As the Truth Strength Indicator (in blue) crosses above the signal line (pink) and above “0”, the uptrend is sure to continue, as shown in the price chart, where the RSI is at 1.7925 and the signal line is at -12.5354.

Hourly SOL/USD price chart Source: CoinMarketCap

If the bulls can hold the resistance level, the bullish momentum in the SOL market will continue.

DisclaimerComments and opinions, as well as all information shared in this price analysis, are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk, Coin Edition and its affiliates shall not be liable for any direct or indirect damage or loss.

Post Solana (SOL) Bulls Outbreed Bears with a price hike of 0.95% made their first coin issuance.

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