BlocksInform
For traders thinking Solana is controlled by the bears, a popular crypto market analyst, Chris Burniske, is giving a fresh perspective of hope for the major altcoin.
According to the former head of the crypto department of ark invest, those who think that the ground is usually nailed to bed in a bearish mood are wrong.
SOL has a breakthrough coming.
Burniske said that the Ethereum killer still has a breakthrough opportunity to rally its price despite its reverse down at a resistance level.
The eminent analyst urged merchants not to be extremely bearish on the ground that the coin would eventually trace its value. He expects that the tracking of the crypto will take place in the coming months.
Burniske, however, cautioned that investors might experience price decline due to the market volatility, which might heighten and cause massive losses for traders who have opened long positions in their leverages.
Since the start of the year, Solana has been in a bullish mood and showing signs of resilience and bravery, actually benefiting from the recent market bullishness.
Based on the daily and weekly trading movement since the beginning of the year, the current bearish action of SOL can be regarded as a mere retracement, something which is generally seen in other risky assets.
Most Ethereum killers, including Solana, are witnessing a similar price reversal, which does not indicate any major panic by the .
Solana Price Analysis Shows Buy Signal
Burniske’s projection seems to be right based on technical price analysis. Over the past three months, Solana has moved sideways at an average cost of approximately $14. But within the last two weeks, Solana has surged its value by over 68% to trade at an average price of $23.59.
At the time of writing, Solana is currently trading at $23.18, down 5.50%, with a trading volume of $801,611,149 in the last 24 hours. The altcoin’s market cap stands at $8.6 billion, which puts it the 10th largest cryptocurrency, according to Coinmarketcap.
According to the TradingView graph below, the presence of a bullish hammer in the chandeliers signals that buyers are regaining control and pushing the price higher. The green indicator indicates that vendors are not in a position to further depress the price of an asset.
The 50-day and 200-day moving average parameters on the 4-hour price chart sustain this upward trend. The presence of the golden cross, as it is indicated by an asset’s short-term moving average crossing above its long-term moving average, signals a switch from a bear trend to a bull trend.
Based on price analysis, the current sentiment is bullish, as this can also be seen in the RSI stands at 64.22, showing that Solana is in the bull territory. , the technical analysis shows that solane has the potential to recover its value, even if it can undergo some corrections triggered by macroeconomic events.
