Solana (SOL) Consolidates Inside Horizontal Range After All-Time High Correction

Solana (SOL) has bounced significantly since its Dec 14 lows, however is consolidating inside a horizontal vary with comparatively impartial motion.

SOL has been falling since reaching an all-time excessive value of $259.9 on Nov 6. The downward motion continued till a low of $148 was reached on Dec 13 (inexperienced icon). While it bounced afterwards, it has not reclaimed the earlier help line but.

Technical indicators are impartial. 

The MACD, which is created by a short- and a long-term shifting common (MA), is shifting upwards however just isn’t but constructive. This implies that whereas the short-term MA is accelerating, it’s not but quicker than the long-term one. 

The RSI, which is a momentum indicator, is true on the 50 line. This is an indication of a impartial development.

Therefore, it’s potential that SOL continues buying and selling inside this vary for a time period.

Chart By TradingView

Short-term motion

Cryptocurrency dealer @TradingTank outlined a SOL chart, stating that the token is prone to improve because it has reclaimed the $175 horizontal space.

Source: Twitter

Since the tweet, SOL proceeded to achieve a excessive of $204.75 however fell shortly afterwards. 

Currently, it’s again contained in the $170-$176 horizontal help, created by the 0.5-0.618 Fib retracement help ranges and a horizontal help space. 

In order for the upward motion to proceed, it’s essential that SOL creates a better low inside this space. 

However, there aren’t any bullish reversal indicators in both the MACD or RSI.

Therefore, the more than likely state of affairs stays a continued consolidation contained in the beforehand outlined vary.

Chart By TradingView

SOL/BTC

The SOL/BTC chart is extra bullish than its USD counterpart. While the token is following a descending resistance line, it is usually buying and selling above the 33,500 satoshi help space. More not too long ago, it bounced above this space on Dec 17 (inexperienced icon) and is at the moment making an attempt to interrupt out from the descending resistance line. 

The RSI is barely above 50 and the MACD is constructive, even supposing it’s lowering. 

Therefore, it’s potential that SOL/BTC will escape and transfer in the direction of its all-time excessive of 46,700 satoshis.

Chart By TradingView

For BeInCrypto’s newest Bitcoin (BTC) analysis, click here

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