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Solana’s price has climbed 10% in the past 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 Price Higher
After a drop that saw Solana price fall 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 resistance level of $188 if the bullish momentum persists.
SOLUSDT analysis (Source: Tradingview)
Despite the recent rebound, Solana price is still hovering around the 50-day and 200-day simple moving averages (SMAs). If the positive market sentiment persists, it could allow bulls to push the price higher and potentially trigger a strong bullish rally.
The Relative Strength Index (RSI) has moved from the overbought zone above the 50-line to the oversold level of 30. However, the resilience of the bulls has caused the RSI to rebound, creating an opportunity for further price gains. If this continues, the RSI could rise back to the 50-line.
On the other hand, the Moving Average Convergence Divergence (MACD) is showing a bearish trend. The blue average line recently crossed the orange signal line, indicating bearish momentum. Moreover, the histogram bars reflect a negative price movement, which reinforces the bearish outlook.
Solana Price Prediction: Bulls Could Regain $188 Resistance
The bulls continue to show resilience as the technical indicators for Solana price show a positive reversal as the 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 breaks above the moving averages, it could trigger a rally, potentially pushing the price up to the resistance level at $188.
On the other hand, if the bears regain control, they could push Solana price below the neckline of the pattern. The moving averages are currently acting as resistance along the neckline, suggesting that there is a chance for the bulls to regain their momentum.
This Layer 2 Meme Coin Presale Surpasses $7.5 Million: What’s the Best Meme Coin to Buy Now?
As traders wait to see if Solana price can reclaim its $188 resistance, the Pepe Unchained (PEPU) presale has surpassed $7.5 million in funds raised.
The Chain Breaker has done 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 running on the legacy, clunky and congested Ethereum network.
PEPU will launch with its own Layer 2 network that promises transaction speeds up to 100x faster than Ethereum and significantly lower fees.
Investors will also have the ability to seamlessly bridge their assets between Pepe Unchained and the Ethereum mainnet, combining the low fees and fast transactions of Pepe Unchained with the enhanced security of Ethereum.
YouTube channel 99Bitcoins, with over 706,000 subscribers, predicts that PEPU has the potential to increase 10x after 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 don’t wait too long because the price will increase in less than 2 days.
Buy PEPU here using ETH, BNB, USDT or bank card.
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