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Solana Hits $170, Bullish Channel Formation Indicates Possible Rally

Godspower Owie
Godspower Owie
10 months ago
2 mins read
Solana

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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.

Solana
Source: SOLUSDT on Tradingview.com

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.

Solana
Source: SOLUSDT on Tradingview.com

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.

Solana
SOL trading at $176 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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