Solana Price Leads Altcoin Rally As Ethereum Futures ETFs Debut In The US – Time To Buy SOL?
Solana price soars to $24 but resistance at $25 could determine the next breakout to $30 or trend correction to $25 as SOL seeks liquidity.
Solana price bulls increased their presence in the market up 4.5% to trade at $24 on Monday. This bullish outlook started with the hype around the US Securities and Exchange Commission (SEC) greenlighting the first Ether futures exchange-traded funds (ETFs).
Investors have from Friday increased exposure to cryptos, triggering rallies across the board but more significantly with Bitcoin (BTC) above $28,000, Ethereum above $1,700, and Solana above $24.
Solana Price On the Verge of Validating Move To $30
Solana price is facing a crossroads where it might validate another breakout to $30, or invalidate the uptrend due to resistance at $25. According to the microenvironment on the daily chart, a bullish outcome is highly likely.
A buy signal from the Moving Average Convergence Divergence (MACD) indicator upholds the bullish outlook with a buy signal.
However, traders with ongoing exposure to long positions in SOL may be more interested in the position of the momentum indicator – currently above the mean line (0.00). As the MACD ascends into the positive region, traders are encouraged to keep their positions open bolstered by the expectation of an extended breakout to $30.
Solana’s position above all averages, starting with the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple) reveals that buyers have the upper hand.
In other words, there is a higher probability of the uptrend carrying on above $25 and closing the distance to $30 than dropping below $20.
TradingBrokersView, an anonymous analyst on Tradingview, has recently highlighted a repeated trend, where Solana price has broken several falling trendline resistances, rallied and formed a bullish/bearish fractal pattern before retracing.
Disclaimer:This article just for education not financial advise #dyor
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