In the last 48 hours, the Solana price has shown notable volatility on the 4-hour chart, presenting opportunities for keen market watchers. The closing prices have progressed, indicating a bullish trend in the short term. This upward movement is supported by technical indicators, suggesting potential entry and exit points for traders eyeing both long and short positions.
The 9 Exponential Moving Average (EMA) has seen a steady increase, staying above the 20 EMA, which itself moved up as well. This bullish crossover, where the shorter-term EMA remains above the longer-term EMA, points to ongoing bullish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) has provided additional bullish signals. The MACD line has progressively risen, outpacing the signal line and moving from a slight negative histogram value to a robust positive at 0.8938. This indicates strengthening bullish momentum.
The Relative Strength Index (RSI) has also climbed. This upward trajectory suggests increasing buying pressure, although it remains below the overbought threshold of 70, indicating that there may still be room for upside before any significant pullback.
However, traders should consider potential resistance and support levels. The immediate resistance level to watch is at $139.74. A decisive break above this level could open the path towards testing higher resistances. On the downside, support levels are clearly defined at $133.73, $125.37, and $114.54. These levels could serve as crucial points for setting stop losses or considering short positions should the trend reverse.
Given the current market conditions, potential entry points for long positions could be around the breakout points above key resistance levels, particularly if the bullish momentum continues with supportive volume. Conversely, should the pair show signs of weakening, entering short positions near resistance levels with tight stops above could be considered, aiming for the aforementioned support levels as exit points.
The 9 Exponential Moving Average (EMA) has seen a steady increase, staying above the 20 EMA, which itself moved up as well. This bullish crossover, where the shorter-term EMA remains above the longer-term EMA, points to ongoing bullish momentum.
Furthermore, the Moving Average Convergence Divergence (MACD) has provided additional bullish signals. The MACD line has progressively risen, outpacing the signal line and moving from a slight negative histogram value to a robust positive at 0.8938. This indicates strengthening bullish momentum.
The Relative Strength Index (RSI) has also climbed. This upward trajectory suggests increasing buying pressure, although it remains below the overbought threshold of 70, indicating that there may still be room for upside before any significant pullback.
However, traders should consider potential resistance and support levels. The immediate resistance level to watch is at $139.74. A decisive break above this level could open the path towards testing higher resistances. On the downside, support levels are clearly defined at $133.73, $125.37, and $114.54. These levels could serve as crucial points for setting stop losses or considering short positions should the trend reverse.
Given the current market conditions, potential entry points for long positions could be around the breakout points above key resistance levels, particularly if the bullish momentum continues with supportive volume. Conversely, should the pair show signs of weakening, entering short positions near resistance levels with tight stops above could be considered, aiming for the aforementioned support levels as exit points.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.