Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Solana (SOL) is currently priced at $172.84, reflecting a decrease of 0.53% over the past 24 hours, with a trading volume of $2.19 billion during that period. Holding the #5 rank, Solana boasts a market capitalization of $77.59 billion and a circulating supply of 448.92 million SOL coins.
This Solana price analysis explores the potential for SOL to sustain its momentum towards $170 and possibly achieve $1,000 by June.
Solana Price Analysis
The 4-hour chart for Solana indicates a pivot point at $171.79, which is essential for the short-term price movement of Solana. Immediate resistance is noted at $176.66, followed by levels at $183.26 and $188.53.
On the downside, immediate support is located at $165.72, with additional support levels at $156.75 and $151.08. The Relative Strength Index (RSI) is currently at 73, suggesting overbought conditions.
The 50-day Exponential Moving Average (EMA) is at $155.79, reinforcing the overall upward trend.
The upward channel supports the prevailing bullish trend, although resistance is forming around the $175 level. The trendline extending through this area indicates a possible obstacle to further price increases.
Solana Price Analysis
On the lower end, the $171.79 pivot point is vital, serving as immediate support. If Solana can maintain its position above this pivot point, it may facilitate ongoing upward momentum.
Related Posts
Conversely, a drop below $171.79 could initiate a significant selling trend, driving the price down to the next support levels at $165.72, $156.75, and $151.08. The market’s response to these critical levels will be crucial in shaping the near-term trajectory of Solana’s price.
In summary, Solana’s technical outlook remains positive as long as it remains above the $171.79 pivot point. The immediate resistance at $176.66 will be the first challenge to address, followed by $183.26 and $188.53.
The elevated RSI indicates a need for caution, as overbought conditions could result in a pullback. The 50-day EMA at $155.79 offers a strong foundation for the ongoing upward trend.
Sealana Presale
Introducing Sealana, the charming seal who has made waves in the Solana Sea. Growing daily and spending time at his computer, Sealana has traded his youthful physique for a diet of chips and canned tuna.
This lovable seal is fully immersed in the degen market, diligently searching for the next significant Solana meme coin. His tireless efforts keep his flippers busy, and his living space is a delightful chaos.
Join the excitement and become part of the Sealana adventure. The presale provides an opportunity to purchase $SEAL at just $0.022 per token. With a current total of $1.77 million raised, the Sealana presale is gaining notable momentum.
Don’t miss this chance to engage with the Solana ecosystem alongside Sealana.
Buy Sealana Presale Now!
The post Solana Price Prediction as SOL Pushes Toward $170 – $1,000 SOL Possible By June? appeared first on Cryptonews.
