Solana price has risen 18% in the past 7 days to $118 per coin as of 9:00 AM EST, with investors rushing to buy this alternative coin. Solana price has challenged resistance, rebounding from the $110 support level in the past 24 hours and printing a series of higher highs and higher lows, forming a positive price channel. If this bullish momentum continues, Solana may soon attempt to break through the $118 resistance level. After the 4-hour candle chart closes above this important price point, the cryptocurrency will have the foundation to rise to the subsequent $125 resistance level, which may be achieved in the next few days.
This bullish view could be invalidated if the Solana price is rejected by the $118 resistance level in the next 24 hours. In this case, Solana could consolidate between $110 and $118 or retest the $110 support level. Once the Solana price reaches $110, there could be enough selling pressure to put it at risk of breaking below the critical level. This could put it at risk of plummeting to the subsequent $100 support level in the next few days.
Technical indicators on SOL’s 4-hour chart suggest that Solana price could continue to rise over the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are showing bullish signals. The MACD line recently crossed over the MACD signal line, triggering an important bullish technical signal. In addition to this, the former is moving away from above the latter. This could indicate that Solana’s short-term positive trend is getting stronger.
Buyers also seem to have the upper hand as the RSI line is above its Simple Moving Average (SMA). Similar to the MACD and MACD Signal line, the RSI is also moving away from above its SMA line. Traders may view this as strengthening bullish forces.
Even as Solana price attempts to break through resistance, new memecoin Smog has surged 48% in the past 24 hours. Smog is the latest memecoin to enter the Solana memecoin space, aiming to repeat the success of predecessors including Bonk, Honk, Myro, and Dogwifhat. To increase the chances of this altcoin becoming the next best memecoin, the team has been revealing what they claim will be the largest airdrop in history.
Although the specific details of the airdrop have not yet been revealed, the project’s tokenomics do suggest that this could be one of the largest airdrops ever witnessed in the crypto space. 35% of the token supply has been earmarked for the project’s airdrop activity.
The 2024 Chinese New Year has already begun, and this year is the Year of the Dragon. This fits perfectly with Smog’s dragon-themed branding and is likely to attract interest from the global Chinese community.
To purchase Smog, visit the official website.
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