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What is Solana (SOL) Doing Right Now?
Solana is currently trading around the $213 mark and has just broken above a resistance that was keeping the price low on the lower timeframes. It has been on an amazing bull run for the past couple of months and continues to attract new investors. SOL has been going through a correction for the past few days and we might see it continue the uptrend soon. Let’s take a look at the charts to see what we can expect from Solana now.
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Analyzing the Charts
If we take a look at the 4-hour chart for Solana we can see that the price is moving within a rising wedge and is still in an uptrend. The price is currently touching the bottom of this wedge right now and is holding it as support.
If we see a nice bounce back from this support, we can expect a new all-time high for SOL in the coming weeks or even days. We could also expect to touch the $200 mark before making that move.
On the other hand, if we switch to the shorter timeframes we can see that Solana is trading above its current resistance level.
The resistance is still intact and we would have broken it only if we close at least 2-3 candles above $210. We can also observe that Solana is facing a trendline resistance which is forming lower highs consistently.
If we break above this trendline resistance with good volume, we can expect a breakout for Solana. Breaking above this line will also change the trend on the shorter timeframes.
Conclusion: Is Solana (SOL) Looking Bullish?
Solana is currently trading above $200 and we can expect it to continue its uptrend soon. This minor correction might be enough for SOL as of now and we can see it continue towards its all-time high once again. If the price bounces off from the bottom of the rising wedge and breaks the trendline resistance on the 1-hour timeframe, we would be interested in buying more Solana. We would also have a tight stop-loss in place as breaking below the wedge might call for a major correction.
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