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The Solana price printed a slight gain over the past 24 hours to trade hands at $92.49 at press time as investors identify SOL’s current price as a discount.
The Solana Price May Be Getting Ready for a Strong Move
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price has been in a consolidation channel between $89.15 and $95 over the past two days. This may be an accumulation period before traders begin to push SOL in a specific direction. Should bulls decide to boost the Solana price, it may look to challenge the $100 resistance level in the next couple of days. A potential confirmation of this bullish move will be when the altcoin breaks above $95.
On the other hand, the Solana price dropping below the $89.15 support level could be the signal for a short entry. In this bearish scenario, SOL may fall to as low as $82.60 in the following 48 hours.
Technicals Point To a Price Increase
Buyers may be gearing up for a strong upward move, however, as technical indicators on the 4-hour chart hint at a bullish move.The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators support a positive outlook.
Buyers are currently stronger than sellers on SOL’s 4-hour chart, as indicated by the RSI line being positioned above its Simple Moving Average (SMA) line. What’s more, the RSI line is sloped positively towards overbought territory and is breaking away above the SMA line. This may be a sign that buyers are growing stronger against sellers.
In addition to this, a major bullish technical flag is on the verge of being triggered by the MACD indicator on SOL’s 4-hour chart. The MACD line is attempting to cross above the MACD Signal line, which could signal that the Solana price has entered into a short-term bullish cycle.
If these technical flags are confirmed and validated, the Solana price may overcome the $95 barrier soon. However, a break below the middle level of the current consolidation channel may prevent this bullish move from taking place.
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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