In a recent after On X, Crypto analyst Grayhoood noticed that Solana (SOL) currently shows signs of a bullish trend. The price has risen by 2.8%in the last 24 hours, with candle charts that reveal a noticeably upward route.
Solana Stochastics and CCI signal in the short term strength
Earlier in the day, Sol fell briefly to around $ 151, but managed to recover steadily, reaching a current price of $ 155.35. Grayhoood pointed out that this short-term strength is consistent with the 7-day performance of Solana, which shows a modest increase of 1.4%. However, the prospects in the longer term remain volatile, with Sol still falling by 3.9% in the past year.
Grayhoood revealed that technical indicators suggest a cautious optimistic outlook for Sol. Since price promotion continues to show signs of recovery, the relative strength index (RSI) is probably positioned in a neutral zone, which indicates the recent increase. This positioning offers room for further profit, but also indicates a possible shift to Overbought territory if the price of SOL rises too quickly.
The stochastic Oscillator and Commodity Channel Index (CCI) also points to short-term Bullish Momentum, especially with SOL that breaks the resistance level of $ 154. These indicators suggest that buyers win back control. Grayhoood, however, warned that although the momentum seems to build, the recent price dip that was observed earlier in the day reveals that sellers are not completely out of the picture.
Recovery gets traction, but annual losses still weigh
To further strengthen his claim, the analyst pointed to the advancing averages of Solana, who are currently presenting a mixed but insightful technical prospects. In the short term, the 7-day and 14-day progressive averages point to a hold or mild buying pressure. This is in line with Sol’s recent bounce from $ 151 to $ 155.35, indicating that that momentum can shift in favor of the bulls.
However, when it is viewed from a wider lens, long -term averages continue to reflect on persistent weakness. The 30-day and annual trends, which show that falls from 9.3% and 3.9% respectively, suggest that the larger market remains careful. These figures show that although the recent profit is encouraging, they have not fully reversed the bearish structure that has been seen in recent months.
In general, the analyst is of the opinion that despite the volatility that has been seen in recent weeks, the market sentiment is starting to lean in the short term. The recent performance of Solana, supported by its ability to reclaim important levels and retain upward momentum, offers more favorable prospects on the way to the nearby future. If the current trends persist and the key resistors are successfully challenged, the path can open for a wider shift in sentiment.
Credit : www.newsbtc.com
