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The Solana price rose more than 3% over the past 24 hours to trade at $100.50 at press time as investors bet big on the crypto’s short-term growth potential.
The Solana Price Forms Another Positive Channel
4-hour chart for SOL/USDT (Source: TradingView)
The Solana price has been in a positive sequence over the past 24 hours, and has printed a series of higher highs and higher lows on its 4-hour chart during this period. As a result, a bullish channel has emerged on the crypto’s charts. Currently, SOL is attempting to reclaim the $100 support. Should it close 2 consecutive 4-hour candles above this significant price point, it may continue climbing to potentially reach as high as $110 in the upcoming days.
This bullish thesis may be invalidated if the Solana price fails to close 2 consecutive 4-hour candles above $100 within the next 24 hours. In this alternative scenario, SOL may fall to the immediate support level at $90. Thereafter, continued sell pressure could lead to the crypto falling to as low as $82.35 in the short term.
Major Technical Flag To Watch
Traders and investors will want to note that a significant bullish technical flag is on the verge of being triggered on SOL’s 4-hour chart. Currently, the Moving Average Convergence Divergence (MACD) line is attempting to cross above the MACD Signal line. Should these two lines intersect, it may signal that the Solana price has entered into a positive short-term cycle.
Bulls are currently also stronger than bears, as indicated by the Relative Strength Index (RSI) indicator. With the RSI being positioned above its Simple Moving Average (SMA) line, buyers seem to have a slight upper hand against sellers on SOL’s 4-hour chart. However, the RSI is sloped negatively, which could signal that buyers have lost some of their strength.
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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