Solana (SOL) price books remarkable gains on Wednesday on improved risk appetite. U.S stocks pointing at higher opening amid the news of second round of negotiations between Russia-Ukraine. However, former escalated attacks as ‘special military operations’ continued for the seventh straight day.
- Solana (SOL) knocks out $106 on Wednesday.
- SOL prepares for $128.0 next as risk appetite improves.
- Momentum oscillators support the bullish outlook for the asset.
As of writing, SOL/USD is trading at $104.98, up 7.05% for the day. The eighth-largest cryptocurrencies by market cap hold 24-hour trading volume at $3,888,564,620 with marginal gains as per the CoinMarketCap.
Sol creeps higher on the daily chart
Solana (SOL) price surged 50% since it hit 2022 lows at $75.0. Currently, the altcoin is hovering near the weekly highs of $104.0. However, SOL is still struggling below the 200-EMA (Exponential Moving Average) at $128.0.
A resurgence of buying pressure could propel the asset toward the crucial moving average, an ascent of 23% from the current levels.
An acceptance above the 200-EMA is required to take out a $150.0 horizontal resistance level.
Solana depreciated 68% to the January lows of $80.79 from record highs of $258.77 made on November 7.
Bulls find discount buying opportunities and result in swing highs at $122.0. Sol retracted towards new lows of $75.0 in February.
On the flip side, failure to sustain above the session’s low possibly negates the bullish outlook for the pair.
The immediate downside target could be found at Monday’s low of $84.21 followed by the horizontal support level at $75.76.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) has shown positive divergence since January 23 while currently reading at 56 above the average line. The indicator advocates for further upside in price.
MACD: The Moving Average Convergence Divergence (MACD) hovers below the midline with a positive bias.
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