Solana (SOL) seems to be picking up bullish pace after bottoming to a 12-month low to the $95 level on April 7. On the day, the coin has recorded over 6% surge as the market recovers from the market turbulence experienced earlier this month. With the coin now moving in an Ascending Trend Line, SOL could continue in a strong bullish momentum.
With the general crypto market recovering following Trump’s tariffs pause, this could further fuel the price of SOL. Furthermore, the technical indicators of SOL are supporting further price upswing.
SOL’s Ascending Trend Line Movement Pushes Price to $130
Since bottoming below $100, the price of Solana has soared in an ascending trend line. As of this writing, the daily chart on TradingView shows that SOL is trading at $130.10 with further upswing more likely.
Usually, an ascending trendline occurs when the price of a digital asset forms consistent higher lows over a time. Formation of this pattern depicts an increase in demand and a bullish market sentiment for Solana.
With SOL now forming this pattern, the price could be set to soar higher as buyers are willing to pay more under the current market conditions. This is supported by improved sentiment and positive macroeconomic developments. Additionally, this pattern serves as support in case the price faces a correction.
SOL’s Technical Indicators Suggest Further Gains
The technical indicators of Solana are supporting an upward price swing. Notably, the Relative Strength Index (RSI) of SOL currently sits at 52.98. Currently, SOL maintains an RSI reading of 52.98. The RSI sits near 50 on the neutral scale but the advancement from 41.67 recorded in its previous trading session confirms a bullish momentum.
However, a rising RSI towards 70 will power the formation of a significant bullish uptrend. But, it must stay beneath the overbought level as rising above it would possibly initiate a trend reversal. A future movement of SOL price below 50 could signal a shift towards a bearish momentum.
The Moving Average Convergence Divergence (MACD) indicator joins the RSI in verifying the bullish momentum. For instance, the MACD line is sitting above the signal line with the lines at -3.73 and -6.03, respectively. The histogram is also positive and depicts growing momentum which could push SOL’s price higher.
Analyst Suggests Bullish Breakout for SOL’s Price
Top crypto analyst Big Cheds recently shared his insights about Solana on X. According to Cheds’ earlier analysis on April 11, he had predicted that a move past $125 would confirm a bullish breakout for the coin. “SOL Over $125 could trigger long on 2-level filter,” Cheds wrote.
As Solana surged past $125 in the April 12 trading session, Cheds further confirmed the actualization of his analysis. He wrote that “SOL triggered a long thesis overnight” as the price of SOL sat at $128.46 level with a 3.26% surge. This analysis by Cheds suggests that Solana could be set for a strong bullish rally.
Furthermore, if SOL continues to move above the ascending trend line, the bullish momentum will continue. However, Favorable macro-factors and support from bulls is crucial for this to happen.
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