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In a recent poston X, crypto analyst Grayhoood observed that Solana (SOL)is currently showing signs of a bullish trend. Over the past 24 hours, the price has climbed by 2.8%, with candlestick charts revealing a noticeable upward trajectory. Solana Stochastics And CCI Signal Short-Term Strength
Earlier in the day, SOL briefly dipped to around $151 but managed to recover steadily, reaching a current price of $155.35. Grayhoood pointed out that this short-term strength is consistent with Solana’s 7-day performance, which shows a modest 1.4% increase. However, the longer-term outlook remains volatile, with SOL still down by 3.9% over the past year. Related Reading Solana Picture Bigger Than $420: Analyst Predicts 140% Surge To New ATHs 2 weeks ago
Grayhoood revealed that technical indicatorsare suggesting a cautiously optimistic outlook for SOL. As price action continues to show signs of recovery, the Relative Strength Index (RSI) is likely positioned in a neutral zone, indicating the recent uptick. This positioning allows space for further gains, but also signals a potentialshift into overbought territory if SOL’s price surges too rapidly. SOL’s recent performance | Source: Grayhoood on X
The Stochastic Oscillator and Commodity Channel Index (CCI) also point to short-term bullishmomentum, especially with SOL breaking through the $154 resistance level. These indicators suggest that buyers are regaining control. However, Grayhoood cautioned that while momentum appears to be building, the recent price dip observed earlier in the day reveals that sellers are not entirely out of the picture. Recovery Gains Traction, But Yearly Losses Still Weigh In
To further reinforce his claim, the analyst pointed to Solana’s moving averages, which currently present a mixed but insightful technical outlook. In the short term, the 7-day and 14-day moving averages hint at a hold or mild buying pressure. This aligns with SOL’s recent bounce from $151 to $155.35, signaling that momentummay be shifting in favor of the bulls. Related Reading Solana’s Old Hands Are Moving—Is Trouble Brewing? 4 days ago
However, when viewed from a broader lens, long-term averages continue to reflect lingering weakness. The 30-day and yearly trends, which show declines of 9.3% and 3.9% respectively, suggest that the larger marketremains cautious. These figures reveal that while the recent gains are encouraging, they have not fully reversed the bearish structure seen over the past months.
Overall, the analyst believes that despite the volatilityseen over the past few weeks, market sentiment is beginning to lean bullish in the short term. Solana’s recent performance, supported by its ability to reclaim key levels and maintain upward momentum, offers a more favorable outlook heading into the near future. If current trends persist and key resistances are successfully challenged, the path may open for a broader shift in sentiment. SOL trading at $157 on the 1D chart | Source: SOLUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com