{"id":611764,"date":"2024-06-06T14:00:29","date_gmt":"2024-06-06T14:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=611764"},"modified":"2024-06-06T12:11:58","modified_gmt":"2024-06-06T12:11:58","slug":"solana-sol-maintains-bullish-trajectory-above-100-day-sma-rally-looms","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/solana\/solana-sol-maintains-bullish-trajectory-above-100-day-sma-rally-looms\/","title":{"rendered":"Solana (SOL) Maintains Bullish Trajectory Above 100-Day SMA, Rally Looms?"},"content":{"rendered":"
Solana (SOL) has shown remarkable market resilience by holding onto its position above the 100-day Simple Moving Average (SMA) in spite of notable market turbulence. SOL has seen a lot of volatility in the last several months, but it has found firm <\/span>support<\/span><\/a> at this pivotal moving average, indicating a persistent positive mood.<\/span><\/p>\n The ability of Solana to hold above the 100-day SMA shows that buying enthusiasm outweighs any downward pressure, providing a good basis for future upward momentum thereby attracting the attention of traders and investors.<\/span><\/p>\n As of the time of writing, SOL’s price was down by -0.56%, trading at about $172. Its market capitalization was over $79 billion, and its 24-hour trading volume was over $1.9 billion. Both market capitalization and the trading volume are down by -24% and -22.39% respectively.<\/span><\/p>\n This analysis was carried out using both the 4-hour and daily timeframe with the help of the 100-day SMA and the Relative Strength Index (RSI) indicators.<\/span><\/p>\n Solana<\/span><\/a> is currently moving in a consolidation manner, building up momentum above the 100-day simple moving average in the 4-hour chart. Judging from the price movement, it can be suggested that SOL might move upward.<\/span><\/p>\n <\/p>\n The 4-hour relative strength index is also actively positive as the RSI line is seen trending above the 50% level. From this RSI formation, it can be suggested that SOL will move down a bit closer to the SMA before making a good move in the upward direction.<\/span><\/p>\n SOL on the 1-day chart also looks bullish as it attempts to move upward after rejection at the $160 support level. Thus at this point, It can be suggested that the price of SOL can still potentially move upward.<\/span><\/p>\n <\/p>\n Finally, we can see that the daily RSI is highly<\/span> bullish<\/span><\/a> because it rejected a downward move at the 50% level and started to rise again, indicating that the crypto asset is bullish and that the price could make a run for it.<\/span><\/p>\n As of right now, Solana is moving upward toward the $188 resistance level. If SOL’s price breaks this level, it will continue to move upward to test the $205 resistance level and probably move on to create a <\/span>new high<\/span><\/a> if it breaks above this $205 level.<\/span><\/p>\n However, if it is unable to overcome this resistance level, it will start to decline in the direction of the $160 support level. Should it break below this support level it will continue to move down to test the $140 support level. Furthermore, SOL may witness a deeper correction to test the $118 support level on the chart if it breaks the above support level.<\/span><\/p>\nTechnical Analysis Of Solana<\/strong><\/h2>\n
SOL’s Potential Price Movements<\/strong><\/h2>\n