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The Solana price surged over 8% in the last 24 hours to trade at $145.32 at press time.
The Solana Price Breaks Resistance
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price has shown notable trends on the 4-hour chart and shifts have emerged that offer insights for both bullish and bearish traders. Over recent sessions, the closing prices have shown volatility, swinging from $140.29 to a peak of $143.68 before a slight retracement. This has positioned the crypto near critical support and resistance levels that could dictate the next directional moves.
Starting with the moving averages, the 9 exponential moving average (EMA) has shown a consistent uptrend indicating a short-term bullish momentum. This EMA line is now well above the 20 EMA, which itself moved from $137.51 to $138.84, supporting the view of an ongoing uptrend.
The Moving Average Convergence Divergence (MACD), a key indicator for gauging momentum and trend shifts, aligns with the bullish sentiment. The MACD line has seen a gradual increase towards the zero line, coupled with the histogram values moving positively, from 1.476 to 1.875. This suggests decreasing bearish momentum and potential for bullish continuation as the MACD line approaches a bullish crossover with the signal line.
Moreover, the Relative Strength Index (RSI), typically used to assess whether an asset is overbought or oversold, remains neutral to slightly bullish. Values have ranged from 47.18, indicating neither overbought nor oversold conditions, to 53.48, hinting at increasing buying pressure but still shy of overbought territory (above 70).
Volume analysis reveals a spike during the downward price movement to $136.54, with over 3.17 million SOL traded, followed by a similar volume during a subsequent recovery to $143.32. This could indicate strong buying interest at lower levels and a bullish response to pullbacks.
Levels to Watch
Looking ahead, SOL is approaching key resistance at $148.27, with further ceilings at $148.98 and $151.86 that may cap upward movements. A successful breach above these levels could confirm a stronger bullish phase. Conversely, support lies at $141.17, with more robust foundations at $133.73 and $128.71. These levels will be critical should the pair face selling pressure, providing potential areas for buying on dips.
Given the bullish indicators, traders might consider long entries on pullbacks towards major support levels, with stop-loss orders placed below $133.73 to manage risk. On the flip side, should SOL fail to sustain above current levels, short positions could be considered with targets at subsequent support levels, ensuring a tight stop-loss above the nearest resistance to protect against upward surges.
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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