Solana Price Prediction: SOL Breaks Key Resistance and Could Keep Climbing to as High as $125 in the Next Few Days

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The Solana price surged more than 8% over the past 24 hours to trade at $114.67 at press time.

Solana Price Outlook

4-hour chart for SOL/USDT (Source: TradingView)

The Solana price printed a series of higher highs and higher lows on its 4-hour chart over the last 24 hours, resulting in the formation of a positive price channel. This gave the crypto the momentum needed to overcome the $110 resistance level over the past 24 hours. Should bulls continue to elevate SOL in the next 48 hours, the altcoin may surpass the $118 barrier as well before potentially rising to as high as $125 in the short term.

This bullish thesis may be invalidated if the Solana price closes a 4-hour candle below the lower boundary of the current price channel within the next 24 hours. In this alternative scenario, the crypto may retest the $100 support level. Continued sell pressure at this point may then pull SOL down to the subsequent support at $100 in the following couple of days.

Bulls May Continue to Elevate SOL

Technical indicators on SOL’s 4-hour chart suggest the Solana price may continue to rise in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.

The RSI is breaking away above its Simple Moving Average (SMA) line. This not only indicates that bulls are currently stronger than bears, but also signals that bulls’ strength is still increasing. As a result, it will be easier for buyers to boost the Solana price in the next 48 hours than it will be for sellers to drag it down. The MACD line is also breaking away above the MACD Signal line. Traders may see this as a sign that SOL’s positive trend shows no signs of slowing down.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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