Solana had started an upward move since the past week. The bullish momentum of the market further boosted SOL crypto’s uptrend. However, the bulls may be dying down for the cryptocurrency as the price appears to have moved towards consolidation. At the time of writing, Solana crypto stands at a price level of $28. The price has not been moving much in the daily timeframe while the trading volume has declined by more than 30%. The sixteen largest cryptocurrency has a market cap of $7.6 billion.
SOL technical analysis
The market outlook for Solana has turned bearish amidst the recent decline of bullish momentum. Twelve technical indicators are giving out an indication of sell out of the total twenty-six. Nine of the rest are standing at a neutral position while only five at a bullish position. The oscillators are mainly neutral while the moving averages suggest a downtrend.
According to a trader’s analysis, Solana has been operating with a descending trendline. The trend line has been acting as strong resistance for cryptocurrency. Moreover, the 30 Moving Average is also a source of resistance for SOL crypto. Currently, the cryptocurrency can be observed to have broken over the descending trending line because of the dominating bulls. However, SOL coin may soon may back down from the trend line as the bulls have taken a back seat, once again. The first support can be found at $26.4 while the immediate resistance lies at $29.6.
Solana future outlook
The World Economic Forum has recently highlighted the transaction speed of Solana along with some other major projects. The unique proof-of-history mechanism integrated with proof-of-stake makes the blockchain highly scalable. The commendable speed and potential of the project for its bullish future outlook. Solana may also possess the potential to overtake Ethereum. According to Wallet Investor, Solana is expected to reach $319 in five years. Digital Coin Price projects the price of the cryptocurrency to be at $99 by 2026.
