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The Solana price jumped 6% over the past 24 hours to trade at $98.16 at press time as investors remain confident in the altcoin’s ability to perform.
The Solana Price Is Attempting to Break a Strong Bearish Trend
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price has entered into a positive move over the past 24 hours. Throughout the past day of trading, the altcoin’s price printed a series of higher highs and higher lows. As a result, an ascending price channel has formed on the altcoin’s 4-hour chart.
Should this bullish momentum continue, the Solana price may reclaim a position above the key $100 resistance level and flip the mark into support. Continued buy pressure at this point could then lead to the Solana price rising to as high as $110 in the following 48 hours.
Before SOL can rise to the $110 resistance level, it will need to overcome a medium-term negative trend line that has formed on its charts over the past few days. Traders may rejoice at the Solana price overcoming this trend line, as it could signal a shift in tides for the crypto. This could subsequently lead to SOL attempting a challenge at the $110 resistance level, and potentially break beyond this threshold as well.
This bullish thesis may be invalidated if the Solana price is rejected by the $100 barrier in the next 12 hours. In this alternative scenario, SOL may be at risk of a correction towards the immediate support level at $90.
Technicals Suggest SOL Will Continue Climbing
Technical indicators on SOL’s 4-hour chart suggested that the altcoin’s price may continue to rise in the next 48 hours. The Relative Strength Index (RSI) indicator signaled that buyers are currently stronger than sellers. This was evident in the fact that the RSI line was positioned bullishly above its Simple Moving Average (SMA) line.
Meanwhile, a significant bullish technical flag was triggered by the Moving Average Convergence Divergence (MACD) indicator in the last 8 hours. During this period, the MACD line crossed bullishly above the MACD Signal line. This suggests that SOL’s positive trend may continue in the next 24 hours. Should these technical flags be validated, the Solana price may soon break above $100.
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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