By Is it Too Late to Buy Solana? SOL Price Shoots Up 5% and This AI Crypto Signals Platform Helps to Find the Next Coin to Pump – Best Low Cap Gem?
Market traction is growing behind Solana, as months of stalemate price action have given way to an impressive +15% SOL price pump, but is it too late to buy Solana?
At the time of writing, Solana (SOL) is currently trading at $21.54 (24hr change -1.33%).
After a month of downside price action, SOL appears to be breaking to the upside from strong consolidatory footing.
SOL Price Analysis: Destined for Breakout?
Now in its 12th day of continuous rally structure, SOL has gained +14.61% in recent weeks, following a strong bounce off the MA200 – which has provided steadfast support to nearly two months of bottomed-out price action.
Months of stalemate was broken by a +6% candle on May 27, which saw SOL hammer up to break above a long-standing ceiling of local resistance from the MA20.
The move up formed strong support above the MA20, as 5-days of well-defended consolidation from Solana bulls set the stage for the current bullish poise.
And this move wasn’t missed on the RSI indicator which threatened to overheat throughout the tough consolidation last week.
With the oscillator cooling down moderately over the weekend, the RSI is now signaling a minor bearish divergence (overbought flag) at 55.45.
Some reassurance can be found from the MACD, sat at 0.23, in testament to the upside momentum behind Solana’s bullish technical structure.
Solana Price Prediction: Too Late to Buy SOL?
The strong display by Solana bulls has give strong technical form to the 9th ranked cryptocurrency, with consolidatory footing above the MA20 likely to push SOL to higher price levels.
However, despite the bullish poise, the oversold signal from the RSI and ongoing resistance from the upside trendline provide some cause for concern.
This leaves SOL price prediction facing an upside target at the high price level around $27.00 (a potential +25.41% move).
While downside risk here is minimised by the double-barrelled support of the MA20 and MA200 – providing a likely downside support level at $20.45 (a possible fall of -5.02%).
Solana’s risk: reward ratio is therefore an extremely bullish 5.06 – a great entry characterised by significant upside potential.
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