- The MACD of Solana is approaching a golden cross, and the SOL course should soon turn up.
- The BOP indicator at 0.36 shows increasing strength of the buyer side and indicates new trust in investors.
As CNF reported, Solana (Sol) shows signs of a reversal of the price after a weak performance last week, which has dropped the old coin in the lowest level for months. After a phase of the sideways trade of the entire cryptomark, investors’ trust fell.
However, the latest change in the indicators indicates new course dynamics and expects an upward trend. When writing this article, the technical signals show the upward trend for Solana.
MacD indicator signals momentum
According to the latest market analysis, the daily chart of Solana suggests a golden cross formation of the MACD indicator (Moving Average Convergence Divergence). A golden cross occurs when the MACD line crosses the signal line, which usually signals the beginning of the upward trend. Analysts indicate that this crossover is widely regarded as a positive signal that the market mood for Sol becomes positive.
The MACD is an instrument used by dealers to evaluate the strength and direction of the price trend of a asset. If the MACD line moves via the signal line, this generally indicates a growing purchase interest.
In the case of Solana, this crossover formed after a week of cautious trade activity, which gives the signal in importance. The Altcoin fell to $ 140.21 on Friday and thus marked a low of several months, but recovered to $ 152.20.
Buyers win control back
The Solana Balance of Power (BOP) is also green. Market analysts explain that a green BOP means a dominance of buyers, which is the case if they take control after a decline.
BOP compares the price movements within a trading session to measure the strength of the buyers towards the sellers. When it becomes green, this means that demand increases again. This is a sign that investors get in again and may position Solana for a short -term upswing.
Solana is currently $ 149.66 and has direct resistance $ 158.61. If the purchases stop, the course of this level could break through and move towards $ 165.12, according to the analysts. However, if the purchases weaken and the profit treatment increases, the course for the support could fall back at $ 142.59.
The market observes these indicators with an arguing to see whether Solana’s upswing is wearing. Since both the MACD and BOP look good, optimism spreads again.
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