Despite market volatility, #Solana has maintained its position above the 100-day Simple Moving Average (SMA). SOL has fluctuated in recent months, but this important moving average has supported it, signaling a healthy outlook.
Solana's ability to stay above the 100-day SMA implies that buying excitement is outweighing bearish pressure, indicating higher momentum and enticing traders and investors.
SOL fell 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 trading volume fell by 24% and 22.39%.
This research uses 100-day SMA and RSI indicators on 4-hour and daily timeframes.
In consolidation, Solana rose above the 100-day simple moving average on the 4-hour chart. SOL may rise based on price changes.
The 4-hour RSI is also bullish, surpassing 50%. From this RSI setup, SOL may drop closer to the SMA before making a solid move higher.
SOL's 1-day chart shows an optimistic attempt to move up after rejection at $160 support. SOL price may rise higher this time.
Finally, the daily RSI rejected the negative movement at the 50% level and rose again, indicating that the crypto asset is bullish and the price may move.
Possible Price Changes SOL approaches $188 resistance. If SOL price breaks this level, it will rise to challenge the $205 resistance level and possibly reach a new high.
If this resistance level is not reached, it will fall towards the $160 support level. If it breaks below this support level, it will test $140. If SOL breaks the above support level, it may correct further to reach the chart support level of $118.
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