The price of Solana (SOL) rose during trading on Friday morning to exceed $85, recovering part of its recent losses, amid a general improvement in cryptocurrency markets led by Bitcoin's rise above $73,000.
According to data from crypto.news, Solana increased by 4.5% to record a daily high of $85.2, before stabilizing around $83 at the time of the report, in a movement reflecting a short-term recovery after its decline from Wednesday's peak.
However, this rise does not change the negative technical outlook, as the price still moves below the 50-day simple moving average at around $86, a critical level that has historically been associated with strong downward waves when breached since October 2023.
Data shows that Solana has been trading within a sideways range between $76 and $92 since February, with its recent trend towards the lower end of this range, reflecting ongoing selling pressure.
Technical analysis also indicates a recurring three-phase price pattern preceding each downward wave over the past six months, starting with an attempt to break the 50-day moving average, followed by failure to hold above it, before entering a sideways consolidation phase that usually ends with a sharp decline.
According to data from crypto.news, Solana increased by 4.5% to record a daily high of $85.2, before stabilizing around $83 at the time of the report, in a movement reflecting a short-term recovery after its decline from Wednesday's peak.
However, this rise does not change the negative technical outlook, as the price still moves below the 50-day simple moving average at around $86, a critical level that has historically been associated with strong downward waves when breached since October 2023.
Data shows that Solana has been trading within a sideways range between $76 and $92 since February, with its recent trend towards the lower end of this range, reflecting ongoing selling pressure.
Technical analysis also indicates a recurring three-phase price pattern preceding each downward wave over the past six months, starting with an attempt to break the 50-day moving average, followed by failure to hold above it, before entering a sideways consolidation phase that usually ends with a sharp decline.