FxNews – In our Solana technical analysis today, we carefully examined the SOLUSD price movements on the 4-hour chart. Continue reading to fully understand the current Solana price trends and what might be next for this cryptocurrency asset.
Solana recently tested the lower boundary of the bearish flag and rebounded sharply, forming a robust bullish candlestick pattern. This positive price movement is complemented by new bullish momentum, as indicated by the awesome oscillator’s green bars. Simultaneously, the ADX indicator suggests the emergence of a new trend, crossing above the crucial level of 20.
While SOLUSD is navigating within the bullish flag, the central line of this flag seems to be the next target. This line coincides with the 61.8% Fibonacci retracement level.
The $50 psychological level underpins this bullish outlook. However, if this level is breached, the bullish scenario would be deemed invalid.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.