The average cryptocurrencies are seen in the green zone today, Bitcoin is up 1.97%, Ethereum is up 2.21%, BNB is up 1.67%, Solana is up 1.53%, and XRP is down 1.18%. Dogecoin still recorded today's highest increase of 9.51%.
The Fear and Greed Index value is now at 86, the market is very greedy for crypto assets, so beware of profit-taking.
SOLUSD technical analysis
Compared with Bitcoin, Solana's gain in 7 days is higher. Solana gained 26.65% while Bitcoin gained 21.88%.
Solana's 24-hour high Low is $125.77 and its High $131.28. Prices appear to be consolidating after last week's strong rally.
On Ticktrader FXOpen, SOLUSD price is now moving near the upper band line and forming a bull candlestick with a long shadow at the bottom of the candle indicating the price is trying to rise after retracing at the low of 124.39
Bollinger bands appear to be expanding on the daily time frame, an indication of high market volatility.
The 50 MA is far below the price forming a slightly ascending channel indicating strong bullish momentum.
The RSI indicator shows a value of 72 which means the price is in the overbought zone.
In the H1 timeframe, the price appears to be consolidating by forming a Bollinger band squeeze. If an upside breakout occurs, the price is expected to continue rising higher. However, if it breaks to the downside, perhaps the price will consolidate again looking for next support.
Support resistance
The resistance level is at roughly 140, and the support zone is at roughly 100 based on price history.
Final thoughts
SOLUSD is still in a consolidation phase after a strong rally last week. Maybe if there is an upside breakout, the price can continue to be bullish, but if the breakout is downside. The price may reach 125.