Solana appreciated after the latest development, what are the next levels of negotiation?

Solana has climbed double digits over the past 48 hours. The coin touched the $43 mark before starting to rally back on its chart. In the last 24 hours, SOL just lost 0.1% of its value and remained true to its bullish price action.

Due to its recent development, Solana has shown a price rally. The technical outlook for SOL was also bullish at press time.

The altcoin has seen an increase in buying power. This had an influence on the price increase. Solana has opened a permanent commercial space in Manhattan.

These stores are specifically dedicated to everything related to cryptocurrencies.

Solana Spaces, CEO Vibhu Norby also mentioned that these physical Solana retail stores intend to introduce around 100,000 people every month to the Solana ecosystem.

He also hinted that there are possibilities to open a virtual storefront soon. A grant from the Solana Foundation helped Solana Spaces open a store in Hudson Yards New York.

Solana Price Analysis: Four-Hour Chart

Solana was priced at $42 on the four-hour chart | Source: SOLUSD on TradingView

SOL was trading at $42 at the time of writing. The altcoin was finally able to break above the $40 price level. The aerial resistance of the coin stood at $47. SOL has been struggling to break above this price zone for a few weeks now.

For Solana to continue its bullish momentum, it must be trading above the price cap level of $43 for a substantial period of time.

The closest support line for the coin was at $40 and $38. If the coin loses the floor price of $38, the next support line awaits the altcoin at $36.

Solana’s trading volume saw a slight decline, indicating that selling pressure may have increased.

Technical analysis

Solana
Solana showed a decline in buying strength on the four-hour chart | Source: SOLUSD on TradingView

However, SOL had just touched the overbought price zone, as the price slowly moved south, as did the buying strength. Although there has been a decline in the number of buyers, the buying force has remained greater than the selling force at the time of writing.

The Relative Strength Index was slightly below the 60 mark, meaning that the buyers have moved past the sellers on the chart. The price of SOL was above the 20-SMA line, the reading indicated that the buyers were driving the price momentum on the chart. SOL was also above the 50-SMA and 200-SMA lines, indicating bullish strength in the market.

Related Reading | Bitcoin flirts with a hurdle at $24,000, why it could be in the early days of recovery

Solana
Solana posted a buy signal on the four-hour chart | Source: SOLUSD on TradingView

The altcoin also reflected increased buying pressure on other indicators. Moving Average Convergence Divergence dynamic price images and change in the same. MACD underwent a bullish crossover and presented green signal bars which are related to buy signals for the altcoin.

Bollinger Bands represent price volatility and price fluctuations. The bands have opened wide, indicating that the altcoin price may experience further volatility. For SOL to maintain its bullish stance, buying pressure and broader market strength will be required.

Related Reading | Bitcoin Breaks $24,000 as Whale Exchange Ratio Declines

Featured image from LeewayHertz, chart from TradingView.com

Garland K. Long