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💰💰💰SOL Maintains Bullish Trajectory Above 100-Day SMA, Rally Possible?💰💰💰
Despite market volatility, Solana (SOL) has maintained its position above the 100-day Simple Moving Average (SMA). SOL has been volatile in recent months, but this crucial moving average has supported it, signaling a healthy outlook.
Solana's ability to maintain above the 100-day SMA implies that purchasing excitement surpasses bearish pressure, indicating further higher momentum and luring traders and investors.
SOL was down 0.56% to $172 at press time. Over $1.9 billion in 24-hour trading activity and $79 billion in market value. Market capitalization and trade volume are down 24% and 22.39%.
💰Solana Technical Analysis
This research used the 100-day SMA and RSI indicators on the 4-hour and daily timeframes.
In consolidation, Solana is rising above the 4-hour chart's 100-day simple moving average. SOL may rise based on price change.
The 4-hour RSI is likewise bullish, heading over 50%. From this RSI setup, SOL may drop closer to the SMA before making a solid move higher.
SOL's 1-day chart shows optimistic efforts to rise following rejection at $160 support. SOL's price may rise more at this time.
Finally, the daily RSI rejected a negative move at the 50% level and rose again, suggesting that the crypto asset is bullish and that the price might run.
💰Possible SOL Price Changes
Solana is approaching $188 resistance. If SOL's price breaks this level, it will rise to challenge the $205 resistance level and maybe make a new high.
If this resistance level is not achieved, it will fall toward the $160 support level. If it breaks below this support level, it will test $140. If SOL breaches the above support level, it may correct further to hit the $118 chart support level.
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