von • Solana has seen a 6% increase in the past 24h, with key support at $20 and resistance at $27.
• Bulls have been rejected at the $27 resistance level, leaving the price to form an ascending triangle.
• Trading volume has been high but is dropping, while the RSI and MACD are both bearish.
Solana has been one of the most impressive cryptocurrencies in recent days, increasing by 6% in the past 24h and continuing to rise despite a decline in buying volume. With key support levels at $20 and key resistance levels at $27, the price has been stuck in a tight battle between bulls and bears.
The $27 resistance has been a major issue for buyers, as they have been rejected at that level on Saturday. In the process, Solana has formed an ascending triangle, which is a bullish pattern that suggests a major breakout is coming in the near future. However, should the bulls fail to break through the resistance, then the price can quickly fall to the $20 support.
When it comes to trading volume, Solana has been performing well, with a considerable amount of buying volume allowing it to remain on the offensive. However, the momentum is fading and may indicate a reversal of the bullish trend. The daily RSI is just under 80 points and is making lower highs, indicating a bearish trend. The MACD is still bullish but may do a reversal soon.
Overall, Solana has been performing well, but the key resistance at $27 is preventing it from making further gains. Bulls will need to break through the resistance in order to continue their upward momentum, while bears will be looking to capitalize on any breakdowns. In any case, the coming days will be crucial for the cryptocurrency and will determine its short-term future.
