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The Solana price printed a slight 24-hour gain to trade at $129.18 at press time.
Solana Price Outlook
4-hour chart for SOL/USDT (Source: TradingView)
Over the past 48 hours, the Solana price has been oscillating within a relatively tight range, with closing prices hovering around the mid-130s. However, a slight bearish tilt was observed in the most recent session, with the price dipping to 126.76 USDT, suggesting a potential weakening of bullish momentum.
When considering the exponential moving averages (EMAs), the 9 EMA stands at $129.39, while the 20 EMA hovers around $126.14. The proximity of the 9 EMA to the current price signals a bullish sentiment in the short term, albeit with a minor weakening, as the 20 EMA trails below, indicating a longer-term bullish trend consolidation.
Moreover, the Moving Average Convergence Divergence (MACD) indicator further underscores this sentiment. Despite a slight decline in MACD values. On the other hand, the Relative Strength Index (RSI) reflects a slightly overbought condition, with values ranging from $53.70 to $62.14 over recent sessions. Although not significantly high, the RSI suggests a cautious approach, as the asset may encounter resistance due to overbought conditions.
In terms of support and resistance levels, the Solana price faces a critical resistance barrier at $135.37. A breakthrough above this level could pave the way for further upside potential, possibly towards the next resistance at $141.75. Conversely, if bearish pressure intensifies, support levels at $111.75 and $108.65 should be closely monitored.
Potential Trade Entries
For traders considering long positions, an entry point could be strategized upon a confirmed breakout above the resistance at $135.37, with potential exit targets at subsequent resistance levels. Conversely, short positions may be considered if the price breaches below key support levels, with exit points aligned with lower support 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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