SOL price opened the week on a higher note. The price extended the previous week’s gains as it locked a 24% ascent on a weekly basis. After opening lower SOL recovered quickly to tag the session higher levels, last seen in February.
- SOL price trades higher as the fresh trading week begins.
- Expect more upside towards $130.0 above the 200-EMA.
- The momentum oscillators turn favorable to bulls.
As of publication time, SOL/USD is trading at $111.34, up 3.92% for the day. The eight-largest cryptocurrency by market cap 24-hour trading volume is holding at $2,481,911,734 as per the CoinMarketCap.
SOL price continues north
On the daily chart, the SOL price attempts to move beyond the critical 200-EMA (Exponential Moving Average) at $113.87. The sustained buying momentum in the asset keeps the gains intact since March 14.
SOL made a ‘Rounded bottom’ formation over a month. The rounded bottom pattern is a bullish reversal formation that formed after a long-term downside movement in the asset.
Now, a daily close above the mentioned moving average will meet the upside target at $130.0.
On the other hand, a spike in sell order or a shift in the bullish sentiment could weigh on SOL price. In that scenario, a move toward the 50-day EMA, which acted as immediate downside support at $98.0 cannot be ruled out.
Furthermore, a break below the above level might accelerate the selling and the bears would target $80.0.
SOL price depreciated nearly 70% from the record highs of $260. The price capped the downside risk and consolidated after falling further lower in late January.
RSI: The daily Relative Strength Index moved sharply above the average line on March 15, and continued to trade higher. Currently, it reads at 68.
MACD: The Moving Average Convergence Divergence holds above the midline with a strong bullish bias.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.