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Solana (SOL) Price Crosses Key Moving Average

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Solana (SOL) has erased its recent losses in a strong comeback rally that began three days ago. It initiated the uptrend on July 12, and its value has since risen by 13%. 

Exchanging hands at $152, the fifth largest cryptocurrency by market capitalization currently trades at a price last observed on June 27 when asset manager VanEck made filings to sell shares in a Solana exchange-traded fund (ETF).

Solana Sees Spike in Buying Activity

Solana’s three-day rally has pushed its value above a key moving average. The altcoin closed above its 50-day small moving average (SMA) yesterday. It had initially broken above the 20-day exponential moving average (EMA) on July 6.

Solana Price Analysis
Solana Price Analysis. Source: TradingView

An asset’s 50-day SMA tracks its average closing price over the past 50 trading days. When an asset’s price rises above this key moving average,  it often signals a shift in market sentiment from bearish to bullish. It indicates that price momentum is strengthening and confirms the possibility of a further price rally. 

On the other hand, an asset’s 20-day EMA measures its average price over the past 20 days.

When an asset trades above its 50-day SMA and its 20-day EMA, its price has not only overcome the average price over the past 50 days but also surpassed the short-term average. This confirms that the buyers are in control and are pushing the asset’s price higher. 

Further, as of this writing, the coin’s Relative Strength Index (RSI) is in an uptrend at 59.26. This confirms that buying activity is higher than selling pressure in the SOL market. 

Read More: 6 Best Platforms To Buy Solana (SOL) in 2024

Solana RSI
Solana Relative Strength Index. Source: Santiment

An asset’s RSI measures its overbought and oversold market conditions. At 59.26, SOL’s RSI suggests that market participants favor buying more SOL coins over selling their current holdings.

SOL Price Prediction: The Bulls Have Control

In the last week, SOL’s price has climbed by 8%. This price hike may be attributable to the market optimism about a potential ETF launch for the altcoin. 

Just seven days ago, the Chicago Board Options Exchange (CBOE) filed a request with the U.S. Securities and Exchange Commission (SEC) to allow it to list VanEck’s and 21Shares’ potential spot Solana ETFs.

SOL’s Elder-Ray Index, assessed on a one-day chart, shows that the bulls have control of its market. As of this writing, the indicator’s value is above zero at 16.05. 

This indicator measures the relationship between the strength of buyers and sellers in the market. When its value is positive, it means that bull power dominates the market. 

Likewise, SOL’s Awesome Oscillator returns an upward-facing green bar as of this writing. This indicator measures an asset’s price momentum.

Solana Price Analysis
Solana Price Analysis. Source: TradingView

When it displays green bars, it signals increasing bullish momentum. This means the short-term SMA is rising faster than the long-term SMA, suggesting that buying pressure is increasing.

If SOL’s buying pressure persists, it may rally past $153. 

Read More: Solana vs. Ethereum: An Ultimate Comparison

Solana Price Analysis
Solana Price Analysis. Source: TradingView

However, if SOL reverses the current trend and begins to fall, it will trade at $146.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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Will Bulls Push It Higher?

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Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.

  • Ethereum started a fresh surge above the $2,650 resistance zone.
  • The price is trading above $2,700 and the 100-hourly Simple Moving Average.
  • There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could continue to rise if it settles above $2,850 and $2,880.

Ethereum Price Extends Surge

Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.

It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.

Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.

On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.

Ethereum Price
Source: ETHUSD on TradingView.com

An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.

Are Dips Supported In ETH?

If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.

A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,850

Major Resistance Level – $2,720



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