SOL Technical Analysis: Increased Buying Pressure Brings Trend Reversal

The SOL coin price shows a rising uptrend as the buying pressure increases with the $100 breakout. Therefore, a bullish rally to $140 is possible. Solana is a very efficient open-source project which relies on the technology of blockchain’s permissionless nature to offer decentralized financial (DeFi) solutions. The concept and the initial development began in the year 2017. Solana was officially launched in March 2020 by the Solana Foundation with its headquarters located in Geneva, Switzerland. The Solana protocol was created to ease decentralized application (DApp) design. Its goal is to improve the capacity by introducing a proof-of-history (PoH) consensus, which is paired with the core blockchain’s proof-of-stake (PoS) agreement of blockchain. Let us move ahead to read about SOL technical analysis. Past Performance of SOL The SOL coin price shows a bullish recovery within the broadening falling wedge pattern in the daily chart. The price grows more than 20% after finding demand near the support trendline of the pattern. Moreover, the price jump breaks above the rounding bottom pattern and teases a rally to the resistance trendline. SOL/USD Daily Chart SOL Technical Analysis The SOL technical analysis shows a bullish rally backed by the rounding bottom breakout and the demand near the support trendline. Moreover, the price breaks above the $100 psychological barrier increasing the greed factor. The crucial Exponential Movi...