SOL / TetherUSLong
SOL Escapes Its Negative Trend and May Keep Rising
SOLUSDT recently broke out of a medium-term negative price channel, which allowed it to break above a major resistance level as well. Over the past 48 hours, the altcoin also printed a series of higher highs and higher lows on the 4-hour chart, which could be a sign of the crypto’s trend undergoing a bullish reversal.The 9 Exponential Moving Average (EMA) has shown a gradual increase, indicating a slight bullish momentum in the short term. Similarly, the 20 EMA has progressed modestly as well, suggesting a stabilization in the medium-term trend. These EMAs are essential indicators for identifying the trend's strength and direction.
The Moving Average Convergence Divergence (MACD) line moving closer to the signal line with the histogram values turning positive, indicates a reduction in the bearish momentum. Specifically, the histogram's shift from 0.191 to 0.501 suggests an increasing bullish sentiment among traders.
The Relative Strength Index (RSI) has fluctuated between 43.05 and 50.27, which places the Solana price in a neutral zone, neither overbought nor oversold. This neutrality in RSI indicates a balance between buying and selling pressures.
The immediate resistance level at $104.26, followed by higher resistances at $105.16, will be key hurdles for the Solana price to overcome to sustain an upward trajectory. On the downside, support levels at $102.04 and $99.9 will be critical in preventing significant drops and stabilizing the price.
Considering the technical indicators, the slight bullish signals from the EMAs and MACD, combined with the neutral stance of the RSI, suggest a cautiously optimistic outlook for the Solana price. However, the true potential movement will depend on the cryptocurrency's ability to breach the mentioned resistance levels or if it succumbs to downward pressures reaching the support thresholds.
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