Solana Price Analysis: Following Today’s 7% Spike, This is SOL’s Target

Despite the turmoil in traditional markets, Solana’s native token – SOL – managed to have a green start this week following a 7% price increase over the past 24 hours.

Key Support level: $30

Key Resistance level: $38

In the past two days, decent buying pressure has allowed Solana to spike towards the critical resistance level at $38. If this bullish momentum continues, a test of this key level becomes very likely in the coming days. On the other hand, SOL’s buyers were able to defend $30 support.

SOLUSDT_2022-09-27_15-03-34
Chart by TradingView

Technical Indicators

Trading Volume: The volume level closed in green yesterday, and today (Monday) Solana opened in green. This is bullish, but buyers must increase their volume to sustain this momentum.

RSI: The daily RSI managed to surpass the 50 points mark, into the bullish territory. The RSI is also making higher lows but is yet to reach the high recorded on September 12th.

MACD: The daily MACD is bullish. The moving average lines are curving up, and the histogram is making higher highs. This shows momentum in favor of the buyers.

SOLUSDT_2022-09-27_15-04-02
Chart by TradingView

Bias

The bias for SOL is bullish.

Short-Term Prediction for SOL Price

Solana demonstrates a bullish price action and is gathering momentum for its biggest test, which will be found around the key resistance of $38. Sellers may return at that level and attempt to push the price lower. A clean break above this resistance would open the way for Solana to its next target at $40 and then $48.

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Cryptocurrency charts by TradingView.