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The Solana price has soared 10% in the last 24 hours to trade at $152 as of 7:30 a.m. EST on a 32% drop in trading volume to $6.5 billion.
Solana Price Analysis: Bulls Continue To Push The Price Up
After a fall that saw the Solana price drop from a resistance level of $188 and form a double-top pattern, the bulls are showing resilience with a rebound from the neckline, indicating a potential return to the $188 resistance level if bullish momentum persists.
SOLUSDT Analysis (Source: Tradingview)
Despite the recent rebound, Solana’s price is still hovering around the 50-day and 200-day Simple Moving Averages (SMAs). If positive market sentiment persists, it could enable bulls to push the price higher and potentially trigger a strong bullish rally.
The Relative Strength Index (RSI) has dropped from the overbought zone past the 50 midline to the 30 oversold level. However, the resilience of the bulls has caused the RSI to rebound, creating an opportunity for further price increases. If this continues, the RSI could rise back to the 50 midline.
On the other hand, the Moving Average Convergence Divergence (MACD) shows a bearish trend. The blue average line recently crossed below the orange signal line, indicating bearish momentum. Additionally, the histogram bars reflect negative price movement, which reinforces the bearish outlook.
Solana Price Prediction: Bulls May Reclaim The $188 Resistance
Bulls continue to show resilience as the technical indicators for the Solana price are showing a positive turnaround, as bulls have pushed the price higher again. The strong support level at $127 is helping the bulls regroup and continue the uptrend. If the price moves above the moving averages, it could trigger a rally, potentially driving the price up to the $188 resistance level.
On the other hand, if the bears regain control, they might push the Solana price below the pattern’s neckline. The moving averages currently act as resistance along the neckline, suggesting that there’s a chance the bulls could regain momentum.
This Layer 2 Meme Coin Presale Soars Past $7.5 Million: Best Meme Coin To Buy Now?
While traders wait to see if the Solana price can reclaim its $188 resistance, the Pepe Unchained (PEPU) presale has blasted past $7.5 million in funds raised.
The Breaker of Chains did it again!
$7.5M raised! pic.twitter.com/ygR2ivQhtl
— Pepe Unchained (@pepe_unchained) August 7, 2024
Pepe Unchained (PEPU) aims to overcome the limitations PEPE faces by operating on the old, clunky, and congested Ethereum network.
PEPU will launch with its own layer-2 network that promises transaction speeds up to 100 times faster than Ethereum and significantly lower fees.
Investors will also have the option to seamlessly bridge their assets between Pepe Unchained and the Ethereum mainnet, combining the low fees and rapid transactions of Pepe Unchained with Ethereum’s strong security.
The 99Bitcoins YouTube channel, with over 706k subscribers, predicts that PEPU has the potential to 10X following its launch.
Investors can also stake PEPU tokens for an annual return of 257%.
If you are interested, you can buy PEPU on the official website for $0.0089461. But do not wait too long as the price will increase in less than 2 days.
Buy PEPU here using either ETH, BNB, USDT or bank card.
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