Is Solana (SOL) Ready to Explore $60 on The 4Hr Chart?
Solana price action moves on mute with slight upticks. The alternative token remains in a constricted range with restricted price actions. Nevertheless, the Doji candle formation depicts indecisions by SOL investors. As the alternative token trades within a narrow phase, the upcoming candle would reveal Solana’s directional bias.
- Solana price retreats under $50 amid dominant selling momentum.
- The four-hour chart shows the price nearing the 20-day Exponential Moving Averages, forecasting a potential upsurge beyond the value area.
- A weekly candle closing beneath $36 will cancel the asset’s bullish outlook.
Solana Moves Sideways
Solana’s price struggles to revive following the sell-off that dominated the broad market. The downtrend seems persistent, without a possible end. Meanwhile, the downside actions had SOL testing the $35, exploring a ten-month low.
The plunging trend-line from the ATH served as a massive resistance zone for Solana bulls. The altcoin tested the bearish line three times but could not get through with lower lows. That welcomed a downward move beneath the 20-day Exponential Moving Average at $118.07 on 28 March. SOL has declined by 69% since then.
For now, the token hovers around the critical $50 region. Meanwhile, sustained buying momentum would propel SOL higher towards the $60 level. Another upside target stands near the 100-day Exponential Moving Average at $74.
On the other side, a weekly candle closing under $36.34 would annul any bullish narrative for the alt. Such scenarios might trigger price declines towards value regions never witnessed since August 2021, around $32.36. While publishing this content, Solana traded at $50.24, following a 2.66% increase for the day.
Though Solana seemed ready for an uptick, bears somewhat remain in front seats. Moreover, the alternative token will depend on overall market sentiments for its leg-ups. For now, the crypto spectrum seems weak, with all recovery attempts encountering immediate rejection. For instance, Bitcoin could not keep the $30,000 region away as it dipped after hitting the zone.
While publishing this blog, Bitcoin traded with a slight 0.47% 1-day gain at $29,762. Another U-turn by Bitcoin would mean turmoil in the alt market, including Solana. However, keeping the current upside stance can boost mode in the overall marketplace. SOL would flourish amid such an atmosphere.