đ According to AMBCrypto: $SOL Prepares For More
At press time, SOL was valued at $163.28, logging a 13% price rally over the last 24 hours. Its key technical indicators assessed on a 1-day chart confirmed the possibility that the altcoin may sustain this rally in the short term.
First of all, signaling a hike in buying pressure, SOLâs Relative Strength Index (RSI) was on an uptrend with a reading of 59.20 at press time. Also, its Money Flow Index (MFI) was 55.29.
The values of these indicators confirmed SOL tradersâ preference for accumulation over selling off their holdings for profit.
Furthermore, the coinâs Awesome Oscillator posted green upward-facing bars, confirming the bullish trend at press time.Â
This indicator measures an assetâs market momentum and identifies potential trend reversals in its price. Green upward-facing bars, often seen after a period of consolidation or a pullback, indicate that the buyers are taking control of the market and that the assetâs price rally might continue.Â
The coinâs Elder-Ray Index was also positive, lending credence to the aforementioned position. At press time, it had a reading of 23.59, showing that bull power was dominant in SOLâs market.
Highlighting the growth in the bullish trend since the crossover, SOLâs weighted sentiment turned positive for the first time since 4 April too.
In fact, according to Santimentâs data, the coinâs weighted sentiment was 0.263 at the time of writing.