Possible Breakout To The Upside For SOL As Price Approaches 8 EMA Resistance

Given the current crypto market outlook, the Solana (SOL) price has increased significantly during the past 24 hours. According to cryptocurrency market tracker CoinMarketCap, this is the case.

SOL is one of the few crypto projects on CoinMarketCap’s list that have witnessed a price increase in the last twenty-four hours, with a 4.42 percent price increase at the time of writing. The current price of SOL is $53.79. However, SOL is still down 27.40% in the last week.

At the time of writing, the value of SOL has increased relative to Bitcoin (BTC) and Ethereum (ETH) by around 4.93 percent and 5.40 percent, respectively. Sol is currently worth roughly 0.001813 BTC and 0.02668 ETH.

SOL is now ranked eighth on CoinMarketCap’s list of the top cryptocurrency projects by market size, with a market valuation of $18,163,174,754. Furthermore, SOL’s daily trading volume has increased by 22.92 percent, with a 24-hour trading volume of $1,955,113,121.

On the daily chart for SOL/USDT, the 8 EMA appears to be functioning as a resistance level for SOL’s price, as SOL’s price strives to break above the line. In addition, additional buying volume has entered SOL’s market during the past five days. However, the bears continue to fight and are currently in the lead.

A trend reversal may occur if the price of SOL breaks above the 8 EMA line. There may be a modest retracement within the next few days. As long as the retracement is less than the rise from $45 to $58, there is an opportunity for SOL’s price to increase to roughly $70 after breaking above the 8 EMA.

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