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Solana prices fell It has risen more than 6% in the last 24 hours and is trading at $94.50 as of 23:30 PM ET.
SOL is expected to outperform ETH.
Despite the sharp decline on the bear trading day, Jan Happel and Yan Allemann, co-founders of cryptocurrency analytics firm Glassnode, predicted that SOL could outperform ETH by up to five times in the coming bull market. In the
we all watched @HenrikZeberg and @RaoulGMI keep talking @cryptomanran A joke show about the SOL-ETH ratio.
They both agreed to be optimistic.
But – how much can rates rise?
This chart suggests: #SOLETH The ratio could rise from its current level of ~0.14 to ~0.76.
in… pic.twitter.com/JQOD8ImN1Z
— 𝗡Service𝗴्त्त्त 𝗽ت𝗰 (@Negentropic_) January 17, 2024
In the post, the co-founders analyzed the Relative Strength Index (RSI) indicator. This is a widely used momentum indicator to measure whether an asset is overbought or oversold. According to Glassnode founders, the current RSI indicates that SOL has strong momentum.
Happel and Allemann also focused on the Moving Average Convergence Divergence (MACD) indicator, a momentum indicator used by traders to observe possible trend reversals. Glassnode co-founders said the indicator is also sending optimistic signals for SOL.
Solana price failed to break negative trend
SOL/USDT 4-hour chart (Source: TradingView)
that much Solana The price managed to break above the medium-term negative trend line in the last 48 hours, but was quickly pulled back down by the sellers. As a result, SOL has once again moved below the trendline and is at risk of testing the $90 support level in the coming days.
If Solana price falls below this important price range, sellers may continue to put pressure on the altcoin. This could cause the cryptocurrency’s value to plummet to the next major support level at $82.35 in the near term. If SOL maintains a position above $90 over the next 48 hours, this bearish theory could be prevented from coming to fruition.
In this alternative scenario, SOL could attempt to break through the negative trendline again. There could be a surge in buying volume after a four-hour candle closes above this level at around $96. This could potentially push the price of Solana above $100. If SOL can break above its previous high of $103.60, it could have the momentum it needs to climb to $100 in the coming days.
Solana price may fall further in the near term
The MACD indicator on the 4-hour chart suggests that the downtrend in SOL may continue over the next 24 hours. A MACD line breaking below the MACD signal line indicates that sellers are still putting pressure on the Solana price.
However, the RSI indicator shows: brush It is hovering near the oversold zone. While there is still room for SOL’s price to decline before entering oversold territory, the altcoin’s upside potential far outweighs its downside potential. As a result, buyers can identify the current level of SOL as a buying opportunity to increase the value of the altcoin. A positive slope of the RSI line can be a sign that buyers are starting to regain power over sellers.
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