Solana is trading higher Monday as it looks like it could be at the start of a bounce. The $85 area has been a key area on the chart in the past and the crypto is looking to hold above this area once more. Falling volume may show the downward trend of the past few days is coming to a halt.
Solana bounced off support in a sideways channel as it has had a strong green day. The $85 level has been an area of support in the past and the crypto could confirm a bounce if it can close above today’s highs in the next couple of days.
The crypto trades below both the 50-day moving average and the 200-day moving average . This shows Solana is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
The Relative Strength Index (RSI) is beginning to form a higher low as it now sits at 37. The increasing RSI shows that more buyers have been entering the market, although there still remain more sellers overall.
Solana bounced off support in a sideways channel as it has had a strong green day. The $85 level has been an area of support in the past and the crypto could confirm a bounce if it can close above today’s highs in the next couple of days.
The crypto trades below both the 50-day moving average and the 200-day moving average . This shows Solana is trading with bearish sentiment and each of these moving averages may hold as an area of resistance in the future.
The Relative Strength Index (RSI) is beginning to form a higher low as it now sits at 37. The increasing RSI shows that more buyers have been entering the market, although there still remain more sellers overall.