Solana (SOL) has had an eventful weekend, soaring past the massive $15 resistance to set a local peak value of $17.02 earlier today. At the time of writing, Solana is trading at $16.34 and looks set to turn the $15 price area as support and possibly keep pushing towards the $20 price area.
Solana’s 100-day Moving Average is the Next Level of Stiff Resistance, Around $20
A quick look at the one-day SOL/USDT chart below, courtesy of Tradingview.com, reveals that the digital asset is trading bullishly above the 50-day (white) moving average.
Furthermore, its daily MFI (green) and MACD are yet to show exhaustion, hinting that Solana could keep pushing higher towards the 100-day (yellow) moving average that also coincides with the $20 resistance level.
However, the daily RSI (red) hints at an overbought scenario that could result in consolidation at current levels before another leg up. Another scenario would be a drop to the $15 support or even the 50-day moving average around the $13 price area before another push higher.
Solana Foundation RPC Endpoints Go Offline
Solana’s bullish momentum in the crypto markets is despite the Solana Foundation announcing yesterday that their public RPC endpoints were offline due to a node software upgrade, as seen in the tweet below.
Mainnet beta Explorer and Solana Foundation Public RPC endpoints are currently offline as RPC node software is upgraded, following a bug in test release 1.14.
Block production has not been impacted and the Solana network has not been impacted.
— Solana Status (@SolanaStatus) January 8, 2023
The team further explained that the glitch was due to a bug in test release 1.14. However, the incident did not impact block production on the Solana network.
Therefore, it is likely that Solana’s bullish momentum in the crypto-markets continues as the crypto-verse comes to terms with the FTX implosion and the fact that Solana blockchain will continue being a significant participant in the crypto ecosystem.
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