Solana price analysis

Solana

SOL

tickers down

$47

has been consolidating in an uptrend. The price is stuck between the overhead resistance at $48 and the support at $38.

SOL/USDT daily chart. Source: TradingView

Both moving averages are sloping up, and the RSI is in the overbought zone, indicating that the bulls have the upper hand. The price could climb to $48, which may witness a tough battle between the bulls and the bears. If bulls overcome this obstacle, the SOL/USDT pair could jump to $60.

If bears want to make a comeback, they will have to sink and sustain the price below the 20-day EMA ($36.30). That could start a deeper correction to the 50-day SMA ($27.35).

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