SOL is a cryptocurrency native to the Solana blockchain. It is burned to pay for fees on the Solana network. SOL can also be staked to become a blockchain node. In the future, SOL will be used to create and take a vote on changes to Solana. The SOL price has surged by approximately 94% in the past week. Past Trends in SOL The past week has been positive for SOL (Solana). The opening price of SOL on February 18, 2021, was 0.00016 BTC. As of February 23, 2021, SOL closed at $0.00031. The price has surged by approximately 94% in the past week. In the past 24 hours, SOL/BTC has traded between 0.00025-0.00033. https://ift.tt/3aPDXrv Technical Indicator for the Day-Ahead and Tomorrow Currently, SOL is trading at 0.00031 BTC. There is hardly any surge from the opening price. The price is rising but very slowly. The price was closer to the upper Bollinger band. Now, it has converged with the 20-day SMA line. Thus, we can say that selling pressures are slowly mounting. Price corrections are on the anvil. The A/D line is upward sloping. It shows heavy buying activity. Thus, the SOL price is likely to go up. The RSI indicator is currently at 47%. In the past couple of hours, it has faced a bullish swing rejection at 35% twice. It faced a bearish swing rejection at 50% too. Thus, there are equally strong buying and selling pressures. However, buying pressures are still a bit higher. Hence, the price will go up after some struggle. The MACD and signal lines have turned negative. So, the market momentum has turned bearish. Hence, we can expect a price pullback. The ADX indicator has fallen steeply. Thus, the bullish trend is weakening. A price pullback is imminent. Presently, the price is trading above the Fibonacci pivot point of 0.0003 BTC. If the price falls below the first Fibonacci pivot support level of 0.00027 BTC, then probably a downtrend has set in. However, as the overall price trend looks positive, we can expect the price to close above the first Fibonacci pivot resistance level of 0.00033 BTC, by the end of the day. The price is currently testing the 23.6% FIB retracement level of 0.00031 BTC. The price is likely to break out of it by the end of the day. In that case, the bullish trend will continue tomorrow as well.
The post SOL Testing 0.00031 BTC, Bullish Trend – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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