The
cryptocurrency
market
has
witnessed
significant
fluctuation,
with

Solana

(SOL)
experiencing
a
notable
retracement
to
$170.27,
creating
a
bullish
channel
in
the
process.
This
recent
market
behavior
happens
after
a
period
of
a
potential
rally
that
has
previously
pushed
the
price
of
SOL
above
the
$170.27
level. 

As
the
price
of
this
digital
asset
continues
to
trend
within
the
channel,
the
question
remains
whether
bulls
will
regain
control
and
push
the
price
above
the
bullish
channel
or
will
the
bears
maintain
their
dominance
and
drive
the
price
below
it.
In
this
article,
we
will
examine
Solana’s
recent
price
movements
using
technical
indicators
to
forecast
future
trends
and
highlight
key
levels
to
watch.

 

Technical
Examination
On
The
Current
Price
Movement
Of
Solana 

On
the
4-hour
chart,
Solana’s
price
is
currently
above
the
100-day
Simple
Moving
Average
(SMA),
suggesting
a
potential
resurgence
of

bullish
momentum

for
SOL.
Additionally,
the
price
has
faced
resistance
at
the
$170
mark,
as
indicated
by
two
bullish
candlesticks
signaling
this
rejection.

The
signal
line
of
the
4-hour
Relative
Strength
Index
(RSI)
indicator,
which
recently
dipped
slightly
below
50%,
is
now
attempting
to
cross
back
above
the
50%
mark.
If
successful,
this
cross
could
indicate
a
potential
price
increase
for
Solana.

On
the
1-hour
chart,
Solana
is
climbing
toward
the
100-day
Simple
Moving
Average
(SMA),
indicating
a
potential
upward
movement
as
it
may
attempt
to
break
above
the
level.
Also,
SOL’s
price
has
established
a
bullish
channel
pattern
on
the
1-hour
chart.

 

A
breakout
and
close
above
the
channel’s
upper
line
could
ignite
positive
sentiment,
as
the
bulls
may
regain
control.
Lastly,
the
signal
line
of
the
RSI
indicator
on
the
1-hour
chart
is
also
currently
approaching
the
50%
mark,
suggesting
possible
upward
momentum.

Key
Levels
To
Watch
In
The
Event
of
A
Breakout 

Considering
the
current
positive
rebound
at
$170,
if
the
price
of
Solana

breaks

and
closes
above
the
upper
boundary
of
the
bullish
channel,
it
may
continue
its
rally
toward
the
$188
resistance
range.
Should
Solana
manage
to
surpass
this
resistance
level,
it
could
lead
to
an
additional
upward
move,
pushing
towards
$205
along
with
other
resistance
points
beyond.

Nonetheless,
if
Solana’s
price
breaks
and
closes
below
the
channel’s
lower
boundary,
it
could
decline
to
the
$160
support
level.
Should
the
price
break
and
close
below
$160,
it
might
trigger
further
bearish
momentum,
pushing
the
price
toward
the
$118
support
range
or
even
lower.

As
of
the
time
of
writing,
Solana’s
price
has
decreased
by
0.72%,
trading
at
approximately
$173
over
the
past
24
hours.
The
cryptocurrency
has
a
market
capitalization
of
over
$80
billion
and
a
trading
volume
exceeding
$3
billion.
There
has
been
a
0.71%
decline
in
SOL’s
market
cap,
accompanied
by
a
7.10%
increase
in
trading
volume
over
the
last
24
hours.

 

Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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