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The Solana price surged more than 19% over the past 24 hours to trade at $132.08 at press time.
Solana Price Outlook
4-hour chart for SOL/USDT (Source: TradingView)
The 4-hour closing prices for Solana have been on an upward trajectory, indicating strong buying pressure in the market. The 9 Exponential Moving Average (EMA) has consistently remained above the 20 EMA, indicating a bullish trend. This suggests that the short-term price momentum remains bullish, as the shorter EMA is above the longer EMA.
Technicals Align Bullishly
The Moving Average Convergence Divergence (MACD) indicator further supports the bullish sentiment. The MACD line has consistently remained above the signal line, with the histogram showing an increasing positive value. This indicates strengthening bullish momentum and suggests potential for further price appreciation.
The Relative Strength Index (RSI) for SOL has consistently stayed above the 50 mark, indicating bullish momentum. Although the RSI is currently in overbought territory, it suggests that the bullish trend is strong but may warrant caution as it could potentially lead to a pullback.
“Stop thinking about what to build to become the next billion dollar protocol…just start building.” –@sssionggg@sssionggg joins @therealchaseeb on Chewing Glass to discuss building on Solana, the rise of @JupiterExchange, & much more. 🔗Tune in: https://t.co/6EWoqYkYhq pic.twitter.com/ndruWj0Za3 — Solana (@solana) February 28, 2024
Considering the aforementioned analysis, traders should watch key support and resistance levels closely. The immediate support levels for the Solana price are at $118.87, followed by $108.65. On the upside, resistance levels to monitor include $130 and $138.55.
For long trades, entry points could be considered near the support levels mentioned above, with stop-loss orders placed below the support levels. Conversely, for short trades, entry points could be identified near the resistance levels, with stop-loss orders placed above the resistance levels.
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.
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