The price of SOL moves above $50
The price of Solana (SOL) rose sharply after a temporary decline on Thursday, reaching a new annual high of $51 on Friday.
The price of SOL is now trading near the $50 level in the long term. But can he rise above it?
Solana has achieved long-term resistance.
The price of SOL rose sharply after breaking out of a long-term downward resistance trend line and confirming as support in September (green icon).
The rally was sharp, and the SOL price experienced no retracement. During the upward movement, the price of SOL moved above the $27 resistance area and is now rising above the $50 resistance area. With the SOL moving above it, it has yet to reach a weekly close above this area.
Market traders use Relative Strength Index (RSI) as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell the asset.
A reading above 50 and an upward trend indicates that bulls still have an advantage, while readings below 50 indicate the opposite.
The indicator is above 50 and rising, both signs of a bullish trend. Although the RSI is overbought (green icon), it has yet to produce any divergence of opinion, which is a warning of an impending bearish bearish.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
