Solana (CRYPTO: SOL) is trading higher Friday amid a cryptocurrency market that’s trading relatively higher.
Solana has flown past the price of Ethereum Classic (CRYPTO: ETC) in the past couple of months and is now over three times the price of the coin. Solana is able to run over 50,000 transactions per second, compared to Ethereum, which is only able to run around 10-15 transactions per second.
Solana was up 5.23% at $162.42 at last check.
Solana Daily Chart Analysis
- Solana has pushed higher and now trades in what technical traders call a pennant pattern.
- The crypto has been subjected to narrowing highs and lows and is nearing the end of the pennant pattern. The crypto could see a breakout and a further move if it’s able to break past pattern support or resistance.
- The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating looks to be bullish.
- Each of these moving averages may hold as a place of support in the future.
- The Relative Strength Index (RSI) has been climbing higher the past couple of weeks and now sits at 57. This shows that buying pressure has outweighed selling pressure in the past few weeks.
What’s Next For Solana?
Bullish traders are looking to see Solana break above pattern resistance and shoot higher. If the stock can hold this resistance level as a level of support, it may be able to see more bullish pushes.
Bearish traders are looking to see the crypto drop below the pattern support and begin to fall lower. If the crypto can hold below pattern support it may be prone to a further bearish push.
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