• Solana has seen a 6% increase in the past 24 hours.
• The key resistance at $27 is keeping bulls in check, and a major breakout is expected over the coming days.
• The considerable buying volume has allowed Solana to remain on the offensive, but the momentum is fading.
Solana, a leading smart contract platform, has seen a 6% increase in the past 24 hours despite the decline in buying volume. This has been attributed to the strong technicals that have kept the bulls in check. The key resistance at $27 is keeping the bulls in check, and a major breakout is expected over the coming days.
Technical analysis indicates that Solana has formed an ascending triangle, with the upper line of the triangle at $27. This is an extremely bullish pattern, and a breakout above this level could lead to further gains for the coin. The daily Relative Strength Index (RSI) is just under 80 points and is making lower highs, which is bearish. The daily Moving Average Convergence Divergence (MACD) is still bullish, but may do a bearish crossover in the near future.
The considerable buying volume has allowed Solana to remain on the offensive, but the momentum is fading. In the event of a breakdown, the next key support level is at $20. A break below this level could lead to a substantial correction in the near future.
The Solana team has been working tirelessly to improve the platform and make it more attractive to developers. The team has launched a new tool, Solana Dashboard, that allows developers to monitor their applications, accounts, and nodes. The team is also working on improving scalability and developing new features that will make the platform more user-friendly.
In conclusion, Solana is showing a lot of promise and could be headed for a major breakout. The key resistance at $27 is keeping the bulls in check, but if it is broken, the price could surge higher. The team is continuing to develop the platform, and this could be a great opportunity for investors to get in on the action.