SOLUSDT rebounded from the $90 support level over the past 48 hours, and managed to break above a medium-term negative trend line on its chart as a result. Currently, the altcoin is attempting to break above the $100 resistance level. A break above this significant price point could then give SOL the foundation needed for SOL to rise 10% to the $110 threshold in the following few days.This bullish thesis may be invalidated if the Solana price fails to close a 4-hour candle above $100 within the next 24 hours. The possible rejection from this barrier may expose SOL to the risk of correcting down to $90 in the short term. Continued sell pressure at this point could then lead to the Solana price falling to as low as $82.35 in the following few days. A possible early indication of SOL correcting will be if it breaks below the positive price channel it has formed over the last couple of days.
Technical indicators show that bears have a slight upper hand against bulls on SOL’s daily chart. The Moving Average Convergence Divergence (MACD) indicator shows that buyers and sellers are neck and neck. Although, the MACD line being positioned above the MACD Signal line signals that the Solana price is currently still in a bullish cycle. However, the Relative Strength Index (RSI) indicator is flagging bearish. This is after the RSI crossed below its Simple Moving Average (SMA) line in the last 48 hours, which indicates that sellers have grown stronger against buyers.
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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.