Since the FTX crash, Solana has moved sideways, consolidating above $12. But now the price action is suggesting that this may change soon, interestingly the positivity came a day after the SBF arrest.
Solana price analysis
Key support levels: $12.5
Key resistance levels: $15.5
Solana found good support at $12, and the price has never fallen below this key level since November. It seems that the buyers now are eager to pick up the SOL and challenge the $15 resistance. Even if the current momentum remains the same, this could easily change.
Trading volume: Yesterday’s buying volume increased and closed in the green, which could lead to a continuation.
RSI: The daily RSI is moving higher with higher lows and higher peaks. This is promising and up.
MACD: The daily MACD is bullish, but the momentum is unchanged, as can be seen on the chart. If the buying pressure increases, this could soon change in favor of the bulls.
The bias for SOL is neutral. To become optimistic, buyers should take Solana above $15.
Short-term SOL price forecast
With the vendors exhausted, Solana appears to have only one way to go, and that’s up. Even if this materializes, the bears could still return at the key resistance at $15.
SOL Up 7% Daily After SBF Halt: This is the Next Target (Solana Price Analysis) that appeared first on CryptoPotato.