Solana Hits $170, Bullish Channel Formation Indicates Possible Rally
July 24 2024 - 11:00AM
NEWSBTC
The cryptocurrency market has witnessed significant fluctuation,
with Solana (SOL) experiencing a notable retracement to $170.27,
creating a bullish channel in the process. This recent market
behavior happens after a period of a potential rally that has
previously pushed the price of SOL above the $170.27 level.
As the price of this digital asset continues to trend within the
channel, the question remains whether bulls will regain control and
push the price above the bullish channel or will the bears maintain
their dominance and drive the price below it. In this article, we
will examine Solana’s recent price movements using technical
indicators to forecast future trends and highlight key levels to
watch. Technical Examination On The Current Price Movement Of
Solana On the 4-hour chart, Solana’s price is currently above
the 100-day Simple Moving Average (SMA), suggesting a potential
resurgence of bullish momentum for SOL. Additionally, the price has
faced resistance at the $170 mark, as indicated by two bullish
candlesticks signaling this rejection. The signal line of the
4-hour Relative Strength Index (RSI) indicator, which recently
dipped slightly below 50%, is now attempting to cross back above
the 50% mark. If successful, this cross could indicate a potential
price increase for Solana. On the 1-hour chart, Solana is climbing
toward the 100-day Simple Moving Average (SMA), indicating a
potential upward movement as it may attempt to break above the
level. Also, SOL’s price has established a bullish channel pattern
on the 1-hour chart. A breakout and close above the channel’s upper
line could ignite positive sentiment, as the bulls may regain
control. Lastly, the signal line of the RSI indicator on the 1-hour
chart is also currently approaching the 50% mark, suggesting
possible upward momentum. Key Levels To Watch In The Event of A
Breakout Considering the current positive rebound at $170, if
the price of Solana breaks and closes above the upper boundary of
the bullish channel, it may continue its rally toward the $188
resistance range. Should Solana manage to surpass this resistance
level, it could lead to an additional upward move, pushing towards
$205 along with other resistance points beyond. Nonetheless, if
Solana’s price breaks and closes below the channel’s lower
boundary, it could decline to the $160 support level. Should the
price break and close below $160, it might trigger further bearish
momentum, pushing the price toward the $118 support range or even
lower. As of the time of writing, Solana’s price has decreased by
0.72%, trading at approximately $173 over the past 24 hours. The
cryptocurrency has a market capitalization of over $80 billion and
a trading volume exceeding $3 billion. There has been a 0.71%
decline in SOL’s market cap, accompanied by a 7.10% increase in
trading volume over the last 24 hours. Featured image from Adobe
Stock, chart from Tradingview.com
Mina (COIN:MINAUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Mina (COIN:MINAUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024