SOL / TetherUSLong
SOL Could Rise to $110 as It Faces off With a Strong Barrier
The Solana price managed to break out of a bearish channel over the last 48 hours, which led to it overcoming the $90 resistance level as well. As a result, the altcoin is attempting a challenge at a medium-term negative trend line. Should it rise above this level in the next 24 hours, it could then have the foundation needed to continue rising throughout the following few days. If this bullish thesis materializes, the Solana price may flip the resistance level at $100 back into support before potentially rising to as high as $110 in the short term.
However, a break below the $90 mark in the next 24 hours could delay the bullish thesis from becoming a reality. In this alternative, the Solana price may correct down to $82.35 before potentially entering into the next leg up. A break below this support level may invalidate the bullish thesis completely. This could then put the crypto at risk of dropping down to $70.
The 4-hour chart's technical indicators for SOL suggest a decline in buying momentum. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both hint at a potential minor pullback in the Solana price.
A negative slope in the MACD Histogram may suggest a slowdown in the current bullish trend. Furthermore, the RSI line is trending downward towards oversold levels, typically indicating a reduction in buyer strength relative to sellers. Traders and investors will want to keep an eye on the RSI line, which is on the verge of crossing below its Simple Moving Average (SMA) line. These two lines intersecting will result in a major bearish technical flag being triggered, which may signal that sellers have gained the upper hand against buyers.
However, a break below the $90 mark in the next 24 hours could delay the bullish thesis from becoming a reality. In this alternative, the Solana price may correct down to $82.35 before potentially entering into the next leg up. A break below this support level may invalidate the bullish thesis completely. This could then put the crypto at risk of dropping down to $70.
The 4-hour chart's technical indicators for SOL suggest a decline in buying momentum. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) both hint at a potential minor pullback in the Solana price.
A negative slope in the MACD Histogram may suggest a slowdown in the current bullish trend. Furthermore, the RSI line is trending downward towards oversold levels, typically indicating a reduction in buyer strength relative to sellers. Traders and investors will want to keep an eye on the RSI line, which is on the verge of crossing below its Simple Moving Average (SMA) line. These two lines intersecting will result in a major bearish technical flag being triggered, which may signal that sellers have gained the upper hand against buyers.
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