SOL Surges 3.32% in a Week, Targets $34 Level! Is a Bullish Rally Imminent?

SOL has been observing a 3.32% surge over the week and continues to reside in the green zone of the chart. Although SOL started this week by trading at $19.0446, it started to climb and finally trading at $19.66, at the time of writing. Meanwhile, SOL’s market cap is valued at $8,118,840,423, after it witnessed a 0.51% spike over the 24-hour period.

Over the week, SOL has been showing a good performance as it is able to trade majorly in the green zone. According to CoinMarketCap, SOL is currently seated in the ninth position based on its Market Cap.

SOL 7-day chart (Source: CoinMarketCap)

Looking at the candlesticks, the altcoin seems like it fully forming a falling wedge pattern. There may be a chance that SOL could continue to climb up and cross the $26 level soon. SOL’s position may gradually rise for some time before reaching that position. Crossing beyond the $26 level could enable SOL to begin its journey to the $34 level.

The $34 level was SOL’s earlier trading level before it witnessed a massive fall in the market, dropping to an even lower level of less than $10. The candlesticks need to maintain and continuously form the green candles in order to achieve their target point.

SOL/USDT 4-Hour Chart (Source: TradingView)

The RSI is also at 47.58, which could be considered a neutral zone. Moreover, the RSI indicates that there is a downtrend existing in the market as it made a bearish cross earlier. This could be the reason why SOL’s +9% declined over the week. Despite SOL experiencing a +3% surge, the altcoin is only growing at a slow speed, indicating that there could be a potential fall soon.

However, if the RSI crosses above the SMA, then, there is a high chance that SOL bullish trend could once again begin soon. Ultimately, traders need to wait for more signals before they expect to enter the market.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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