Solana Price Prediction: Indicators Point to Short-Term Downtrend on 4-Hour Chart

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1. The Solana Price Trying to Break Resistance

2. Possible Trade Ideas

The Solana price pumped more than 2% in the last 24 hours to trade at $172.70 at press time.

The Solana Price Trying to Break Resistance

4-hour chart for SOL/USDT (Source: TradingView)

In the latest session, the Solana price closed at $172.10, showing a slight decline from the previous close of $170.52. Over the past few sessions, the cryptocurrency has displayed moderate volatility within a relatively narrow range.

The 9 Exponential Moving Average (EMA) stands at $172.44, indicating a slight downward trend. Conversely, the 20 EMA sits at $173.88, also showing a downward trend, albeit less pronounced compared to the 9 EMA. This suggests a short-term bearish sentiment in the market.

The MACD histogram, a momentum indicator, shows a negative value of -0.307, suggesting a bearish momentum. The MACD line has been consistently below the signal line, indicating a potential continuation of the downward movement.

The RSI currently stands at 44.90, below the neutral level of 50. Although not in oversold territory, it indicates a moderate bearish sentiment in the market.

Key resistance levels to watch include $175.98, $180.73, and $182.74, while important support levels stand at $171.7, $171.66, and $169.82.

Possible Trade Ideas

For traders considering long positions, an entry point could be near the support levels, with $171.66 offering a potential bounce-back zone. However, traders should exercise caution and wait for confirmation of an upward trend before entering long positions.

On the other hand, for short-term traders eyeing short positions, resistance levels such as $175.98 and $180.73 could serve as potential entry points. Tight stop-loss orders should be placed above these levels to manage risk effectively.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.