SOLUSDT printed a series of higher highs and higher lows on its 4-hour chart over the last 24 hours, resulting in the formation of a positive price channel. This gave the crypto the momentum needed to overcome the $110 resistance level over the past 24 hours. Should bulls continue to elevate SOL in the next 48 hours, the altcoin may surpass the $118 barrier as well before potentially rising to as high as $125 in the short term.This bullish thesis may be invalidated if the Solana price closes a 4-hour candle below the lower boundary of the current price channel within the next 24 hours. In this alternative scenario, the crypto may retest the $100 support level. Continued sell pressure at this point may then pull SOL down to the subsequent support at $100 in the following couple of days.
Technical indicators on SOL’s 4-hour chart suggest the Solana price may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.
The RSI is breaking away above its Simple Moving Average (SMA) line. This not only indicates that bulls are currently stronger than bears, but also signals that bulls’ strength is still increasing. As a result, it will be easier for buyers to boost the Solana price in the next 48 hours than it will be for sellers to drag it down. The MACD line is also breaking away above the MACD Signal line. Traders may see this as a sign that SOL’s positive trend shows no signs of slowing down.
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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.