Solana Hits $170, Bullish Channel Formation Indicates Possible Rally

Name	Symbol	Market	Market Cap ($)	Algorithm
Mina	MINAUSD	Crypto	543,041,359	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Mina

MINAUSD

Crypto

543,041,359

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0068	-1.31%	0.514	0.512	0.513

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0068

-1.31%

0.514

0.512

0.513

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.535	0.513	0.526	0.5208	0.349000 - 1.73

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.535

0.513

0.526

0.5208

0.349000 - 1.73

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	22:24:25	113.93	0.514	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

22:24:25

113.93

0.514

USD

Price x Volume	Volume	Base Symbol	Related Pairs
876,593.91	1,671,549.75	MINA	MINAEUR	MINAGBP	MINABTC

Price x Volume

Volume

Base Symbol

Related Pairs

876,593.91

1,671,549.75

Solana Hits $170, Bullish Channel Formation Indicates Possible Rally

24/07/2024 5:00pm

NEWSBTC

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

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