Bitcoin and other crypto tokens were trading with decent gains in the early week on Monday in Asia as the way cleared for the Bitcoin ETF in the US. The US Securities and Exchange Commission (SEC) will not appeal the court’s scathing reversal of its decision not to let Grayscale convert its bitcoin trust into an exchange-traded fund (ETF).
Solana (SOL) isin anascending trend with the asset trading above its 50-day simple moving average ($20.5).After recording short-term gains earlier this month, the asset is trying to regain momentum past two weeks of negative price action. Its Bollinger Bands are currently wide as the price volatility increases near the $22 mark. Price action is trending equal to the indicator’s mean line.
Image: Chart-Solana
The indicator’s bottom line provides support at $19.7 while the upper limit presents a resistance level at $24.5. Its RSI has started to climbaboveneutral zone reflecting resumption ofbuying activity. If SOLsuccessfully breaches through the $24.5 barrier in near term, it may encounter next resistance at $27.5.
Major Levels
Support: $19.7, $17.5
Resistance: $24.5, $27.5(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
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