Solana Consolidates, Is This the Calm Before the Next Surge?
CoinEdition
Published Jan 31, 2023 07:56AM ET
Solana Consolidates, Is This the Calm Before the Next Surge?
- SOL has been struggling throughout the week while residing in the red zone.
- The gradient of SOL reduces when it moves into the red rising wedge.
- A slight variation in prices alters the RSI with a great magnitude, another surge could be on the cards.
For the previous week, Solana (SOL) has experienced difficulty getting started. The token was fluctuating mostly in the red zone while very rarely bobbing above its opening market price. SOL was priced at $24.9 when the markets opened for trading, just a few hours into the first day of the week SOL tanked to the red zone as shown below.
Although the token gradually descended at the beginning, towards the second half of the first day, it plummeted. SOL fell from $24.34 to $22.41 within a few hours. However, on the second day of the week the token gained some momentum and started reaching higher highs in the red zone. With more momentum from the bulls, SOL was able to make three crests in the green zone.
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