Solana May Be Offering a Trading Opportunity With Its Cross Below Its 20 Moving Average

The Hourly View for Solana

  • Currently, SOL’s price is up $0.01 (0.03%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • Regarding the trend, note that the strongest trend exists on the 50 hour timeframe.
  • Of note is that the 50 hour changed directions on SOL; it is now pointing up. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Solana’s hourly price chart is shown below.

SOL

The Daily View for Solana

  • At the moment, SOL’s price is up $0.99 (2.91%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as Solana has now gone up 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them so that price is now turning above it. The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between SOL’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SOL’s price.

Below is a daily price chart of Solana.

SOL

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