- SOL’s chart price climbed above its 20 day EMA on 15 May
- It was clear that the selling pressure had decreased.
Solana’s [SOL] During the intraday session of 15 May, price crossed over its 20-day Exponential Moving Average. It was a sign of a new surge in demand for altcoins.
The crossover was notable as it proved that SOL’s price had risen above its 20-day average. This crossover also signified a change in buying sentiment and an uptrend for the price of altcoins.
SOL is preparing for even more
SOL, at press time, was trading for $163.28. This represents an 13% rise in price over the past 24 hours. On a one-day chart, its key technical indicators confirmed that this altcoin could continue to rally.
SOL’s Relative Strength Index, or RSI, was up at time of publication, reading 59.20. This indicated a rise in the buying pressure. The Money Flow Index was also 55.29.
SOL’s traders have a preference to build up their stock rather than selling it off at a profit.
The Awesome Oscillator on the coin displayed upward facing green bars at press-time, further confirming a bullish trend.
This indicator measures the asset’s price momentum. It also identifies any potential trends that may reverse. After a period where the market has been consolidating or pulled back, green upwards-facing bars indicate the buyer’s control over the market.
Elder-Ray Index for the coin was positive as well, which lends credence to this position. It had an Elder-Ray Index reading of 23,59 at the time of press, indicating that bulls were dominating SOL’s stock market.
SOL’s weighted feeling turned positive again for the very first time after 4 April, highlighting the growing bullish trend that has been in place since the crossover.
According to Santiment’s Data shows that the weighted sentiment of the coin was 0.26 at the time this article was written.
Here’s a list of realistic and not-so-realistic images. SOL’s market cap in BTC’s The following terms are used to describe the term
Don’t get carried away
SOL’s sudden surge in popularity has coincided with a rise in the volatility of the stock market. The Bollinger Bands of the coin revealed that there was a growing gap between upper and lower bands.
The price of the cryptocurrency will become more volatile if the distance between the bands is increased. It may also record large swings either way.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: ambcrypto.com