Is It Too Late to Buy Solana? SOL Price Bounces 20% From Recent Bottom and AI Crypto Signals Platform yPredict Can Help Find the Next Low Cap Gem – Time to Buy?
Solana (SOL) appears to be on the rise, experiencing a steady increase in price that signals a notable recovery. Will the wider crypto market slowdown in recent hours put a damper on its momentum?
Rising 22.6% from its recent low of $12.80 posted on June 10, the SOL price currently trades at $15.82--hovering around break even on the 24 hour timeframe as of writing.
This upward movement signifies a notable recovery, particularly given it has successfully mounted the Fibonacci retracement level of Fib 0.618 at $15.33.
The 20-day exponential moving average (EMA) currently stands at $17.04, acting as an immediate resistance level for SOL.
Given the current price of $15.68, the SOL price needs to rise approximately 8.6% to breach this level, which if accomplished, could signal a possible trend reversal and bullish momentum.
Meanwhile, the relative strength index (RSI), a crucial tool for indicating overbought or oversold conditions, is currently at 35.63, up from yesterday's 33.56.
Although this value is below the neutral 50 mark, the positive increase suggests a strengthening bullish momentum.
It's worth noting, however, that SOL remains in the 'oversold' territory, indicating potential buying opportunities for investors.
In addition, the MACD histogram, a trend-following momentum indicator, is currently at -0.11, a noticeable improvement from yesterday's -0.20.
While this change remains negative, it's nonetheless a positive sign, as a less negative MACD value could be interpreted as the end of a bearish trend and the beginning of a bullish phase.
Interestingly, while the market cap is down by 0.63% to $6 billion, the 24-hour volume has surged by 23.89% to 152 million.
This increase in trading activity, even amidst a declining market
Read more on cryptonews.com
