The Solana Price Forms A Bullish Channel To Overcome Resistance

This recent gain by the SOL price comes after Bloomberg ETF analyst Eric Balchunas predicted that the launch of Ethereum ETFs (exchange-traded funds) will lead

Bloomberg ETF analyst Eric Balchunas (NYSE:PJH) has predicted that the launch of Ethereum ETFs (exchange-traded funds) will lead to a Solana ETF.

Speaking on Friday, Balchunas said he expects the launch of ETH ETFs to be followed by additional Ethereum products before a Solana ETF is launched.

He added that the launch of new crypto ETFs is probably “never going to end.”

Solana Price Forms A Bullish Channel To Overcome Resistance

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

The Solana price has been in a positive sequence on the 4-hour chart, printing a series of higher highs and higher lows to form an ascending channel. This has enabled the altcoin to overcome the major resistance level at $157.65 in the last 24 hours.

Should SOL continue to trade in the bullish price channel, it might soon attempt to overcome the next technical barrier at $168.62. Clearing this obstacle could then give the crypto the foundation needed to climb higher in the following 24 hours.

However, the Solana price falling below the $157.65 mark in the next 12 hours might invalidate this bullish thesis. Not only will falling under this level result in the loss of a technical support, it will also place SOL outside of the ascending price channel. As a result, the crypto could be at risk of plunging to as low as $146.40 in the following 48 hours.

Bearish Technical Signs Warn The Solana Price Might Drop

Traders and investors will want to take note of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart. These technical indicators are starting to show negative signs, which might suggest that SOL’s bullish momentum is cooling off.

Over the past 24 hours, the MACD line has been falling towards the MACD Signal line. Although the current orientation of these two lines indicates SOL is in a short-term bullish cycle, the narrowing gap between the indicators could be an early sign of a bearish trend reversal.

RSI readings have also been gradually declining throughout the past day of trading, but remain well above the 50 benchmark at 69. The current RSI value indicates bullish strength, but the negative slope of the RSI line warns that buyers could weaken against sellers in the next 24 hours. If the RSI falls below 50, it might signal that bears have taken over.

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