SOL Volatility: Will a Breakout Soon be Achieved?
In the past week, volatility has increased. Now, the question is if a price at which SOL can resume its advance to higher levels will soon be achieved. SOL has been trapped between $27 and $44 since February 8th, and Solana's attempts to break out [...]
Volatility has increased a bit, but the question is if SOL can reach the next price level.
Support levels: $27
$44 is a key resistance level
Solana is still stuck in a large price range and has not been able to breakout. As volatility increases, the price may break out and enter into a clearer trend. The key support is at $27 and the resistance at $44, while the price is right in the middle of this range as of this post.
Technical indicators are used to track a stock's performance.
Trading Volume: At the start of this week, the volume increased. That led to a lot of volatility, but not enough to take SOL to the key levels in that range.
RSI: The daily RSI remains under 50, and buyers will have to show more strength if they want to push the price higher.
The daily MACD is showing bullish signals, but the price of SOL is stuck in a flat trend. Until there's momentum, the cryptocurrency will likely continue to trade sideways.
When it comes to SOL, the near-term outlook is neutral.
Predicting SOL's Price in the Short Term
The current volatility may draw attention to Solana, and this could push the price to one of the two extremes of this trading range. At present, there is no clear trend so that a break from this channel would change the bias.