Solana Price Set for Massive Gains? RSI Hints at Major Rally from Key Support Level

cryptonews.com:

The Solana price has risen by 0.5% in the past hour, reaching $129.70 as the cryptocurrency market recovers a little today after a difficult weekend.

SOL is now up by 1.5% in the past week, and while it remains down by 16% in a month, its chart has witnessed a bullish divergence today.

Its relative strength index has begun rising just as the Solana price has struggled, indicating that a turnaround is coming soon.

And with the coin rising in the past hour, it may be that this turnaround has already begun.

As we can see below, Solana’s RSI (purple) began its turnaround early on Saturday, following the coin’s slip from around $134 to a seven-day low of $123.

It started Saturday at around 30, before rising steadily towards 65 yesterday, and while it slipped a little last night it has since climbed back up to 65.

This reveals growing momentum, which is consistent with the past hour’s increase.

What also points towards incoming gains is the 30-period moving average (orange), which has been below the 200-period average (blue) for over a week now.

And when you add the fact that the coin’s support (green) and resistance (red) levels are on a collision course, it would seem that Solana’s days of languishing between $120 and $130 are numbered.

However, it will need a big buy from a whale to get things moving, with the last significant transfer happening on August 20, when one large trader moved approx. $22 million in SOL to Binance.