The 11 percent gain of Solana from its dip on September 7 comes after months of turbulent market conditions. A tenth of that may be meaningless by the time this is published. The market is currently trending upwards.<\/p>\n
The market bottomed out at $33.79 on Wednesday before falling 9.29% to $30.89. At this point, both the CCI and the Stoch RSI for SOL showed that the crypto\u00a0had been oversold.<\/p>\n
While SOL\u00a0was recovering over the course of eight\u00a0hours, trading volume decreased from the sell-off of 1.650\u00a0million to 1.280\u00a0million.<\/p>\n
Solana Bulls Unfazed By Pressure<\/p>\n
The dip was relatively minor, and the bulls continued to push higher. One of the largest positive price movements ever since SOL was introduced was a 16.55 percent increase.\u00a0 Recent research indicates that this price action is very bullish.<\/p>\n
We can be upbeat about the price moving as high as $36.50 if it manages to end above the long accumulation zone tension ($33.05) on the charts.<\/p>\n
From the most recent available data, we can see that the current support line is located somewhere around the $32.40\u00a0price range, but the price has been trading much higher, near $35.26, recently.<\/p>\n\n
Chart: TradingView.com<\/p>\n
Since breaking through several near-term resistance levels at the 50, 38.2, and 23.6 Fib levels, the price of SOL has maintained its support.<\/p>\n
SOL is attempting to merge its position above the 23.6 Fibonacci level after breaking through the $34.36 resistance zone.\u00a0This trend aligns with the most recent price analysis.<\/p>\n
SOL Expected To Breach Resistance At $33.85<\/p>\n
On the four-hourly chart, SOL formed a \u201cSymmetrical Triangle.\u201d The Symmetrical Triangle is a pattern of declining volatility.<\/p>\n
This indicates that market volatility is decreasing and that the market is likely to break out soon. There is a greater likelihood of SOL breaking out of its zone on the higher side, surpassing the resistance of $33.85.<\/p>\n
According to this pattern, a breakout above $33.85 will take Solana\u2019s price to the highs of August 25 ($36.42), followed by the psychological level of $40.0.<\/p>\n
This may be the case with the current market. The $33.85 breakout occurred earlier this morning as of writing. Following that, the price range increased by 5.77 percent.<\/p>\n
The bullish momentum has not diminished. Positive market indicators continue to indicate a strong buy. The next few days will reveal whether this breakout represents SOL\u2019s next major boom.<\/p>\n\n