Solana (SOL) Maintains Bullish Trajectory Above 100-Day SMA, Rally Looms?
06 Junio 2024 - 9:00AM
NEWSBTC
Solana (SOL) has shown remarkable market resilience by holding onto
its position above the 100-day Simple Moving Average (SMA) in spite
of notable market turbulence. SOL has seen a lot of volatility in
the last several months, but it has found firm support at this
pivotal moving average, indicating a persistent positive mood. The
ability of Solana to hold above the 100-day SMA shows that buying
enthusiasm outweighs any downward pressure, providing a good basis
for future upward momentum thereby attracting the attention of
traders and investors. As of the time of writing, SOL’s price was
down by -0.56%, trading at about $172. Its market capitalization
was over $79 billion, and its 24-hour trading volume was over $1.9
billion. Both market capitalization and the trading volume are down
by -24% and -22.39% respectively. Technical Analysis Of Solana This
analysis was carried out using both the 4-hour and daily timeframe
with the help of the 100-day SMA and the Relative Strength Index
(RSI) indicators. Solana is currently moving in a consolidation
manner, building up momentum above the 100-day simple moving
average in the 4-hour chart. Judging from the price movement, it
can be suggested that SOL might move upward. The 4-hour relative
strength index is also actively positive as the RSI line is seen
trending above the 50% level. From this RSI formation, it can be
suggested that SOL will move down a bit closer to the SMA before
making a good move in the upward direction. SOL on the 1-day chart
also looks bullish as it attempts to move upward after rejection at
the $160 support level. Thus at this point, It can be suggested
that the price of SOL can still potentially move upward. Finally,
we can see that the daily RSI is highly bullish because it rejected
a downward move at the 50% level and started to rise again,
indicating that the crypto asset is bullish and that the price
could make a run for it. SOL’s Potential Price Movements As of
right now, Solana is moving upward toward the $188 resistance
level. If SOL’s price breaks this level, it will continue to move
upward to test the $205 resistance level and probably move on to
create a new high if it breaks above this $205 level. However, if
it is unable to overcome this resistance level, it will start to
decline in the direction of the $160 support level. Should it break
below this support level it will continue to move down to test the
$140 support level. Furthermore, SOL may witness a deeper
correction to test the $118 support level on the chart if it breaks
the above support level. Featured image from Adobe Stock, chart
from Tradingview.com
Solana (COIN:SOLUSD)
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Solana (COIN:SOLUSD)
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De Jun 2023 a Jun 2024