Solana price has gained 1% in the past 24 hours and 38% in a month and is currently trading at $150.85 as of 9:10 AM EST.
There may be better times in the future. Former Goldman Sachs executive and Real Vision CEO Raoul Pal said in an interview with Rug Radio that Solana's price could rise from current levels by 235% to 570%. This would surge Solana's price to between $500 and $1,000.
Solana price fails to break resistance
SOL/USDT 4-hour chart (Source: TradingView)
Solana price has attempted to break through the $155 resistance level in today’s trading but was rejected twice by this barrier. These two attempts could be considered as a bearish signal, foreshadowing an upcoming correction. Since being rejected, SOL has retraced and is currently trading at the immediate support level of $148.98.
If this support is broken, the Solana price could face the risk of falling to $136.10 in the next 48 hours. If the bulls do not step in to defend SOL, continued selling pressure could pull the cryptocurrency price to $124.21. However, this bearish view could be negated if Solana manages to close above the aforementioned $155 resistance level on a 4-hour candlestick within the next 24 hours. In this alternative scenario, this alternative currency could have the basis to continue rising, providing support for the next two days.
Technical indicators suggest Solana prices could fall
Technical indicators on the Solana 4-hour chart suggest that a correction may be in. Both the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signals, and both are about to trigger important technical markers that investors should pay attention to.
The MACD line is preparing to cross from below the MACD signal line. If these two lines cross over in the next 24 hours, it could indicate that the Solana price has entered a short-term negative cycle. In addition, the RSI on the 4-hour chart shows that buyers are losing the upper hand over sellers, which can be seen from the RSI converging towards its Simple Moving Average (SMA) line.
Traders often view the crossover of these two lines as a sign that bears have the upper hand, potentially leading to a short-term drop in the Solana price.
Although Solana prices may see some correction in the next 24-48 hours,
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March 12, 2024
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