Solana (CRYPTO: SOL) will trade higher on Friday amid a cryptocurrency market that is trading relatively higher.
Solana is about the price of. flown Ethereum classic (CRYPTO: ETC) in the last few months and is now more than three times the price of the coin. Solana can perform over 50,000 transactions per second, compared to etherwhich can only execute around 10-15 transactions per second.
Solana rose 5.23% to $ 162.42 on the last check.
Solana daily chart analysis
- Solana has moved up and is now trading in what technical traders call a pennant pattern.
- The crypto has been exposed through narrowing highs and lows and is nearing the end of the pennant pattern. Crypto could see a breakout and further move if it can break the pattern support or resistance.
- The crypto is trading above both the 50-day moving average (green) and the 200-day moving average (blue), suggesting that it is bullish.
- Any of these moving averages can serve as a support in the future.
- The Relative Strength Index (RSI) has risen in recent weeks and is now at 57. This shows that buying pressure has outweighed selling pressure in recent weeks.
See Also: Solana Blockchain Set To Raising Up To $ 450 Million As It Takes Over Ethereum: Report
What’s next for Solana?
Bullish traders expect Solana to break the pattern resistance and shoot up. If the stock can hold this level of resistance as a support level, it can potentially see further upside moves.
Bearish traders expect the cryptocurrency to drop below the pattern support and begin to drop lower. If the crypto can hold below the pattern support, it could be vulnerable to another bearish spurt.
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