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Crypto Hot News For Solana, the determining factors for an extended rally are…

Hot Crypto News Today For Solana, the determining factors for an extended rally are… You Must Read To Get More Information For Trading and Investment.

Solana (SOL) coin experienced a notable rally following the bullish resurgence at the $96-mark. The buyers have been pushing for an advantage after multiple attempts to puncture through the EMA ribbons over the last few days.

Whether the bulls have enough thrust to sustain a rally beyond the bonds of the ribbons is a question worth pursuing. At press time, SOL was trading at $103.65, up by 5.35% in the last 24 hours.

SOL 4-hour Chart

Crypto Hot News For Solana, the determining factors for an extended rally are…

SOL’s up-channel breakout on 4 April made way for a vigorous bear run that has accounted for a 33.8% decrease from the breakout point of $132 to its three-week low on 18 April at the $94-level.

Following the recent Bitcoin jump, SOL displayed a similar growth on its charts over the past day. With bulls initiating a near-term buying spree, the alt found itself on a pathway to test the 55 EMA. As a result, the gap between the ribbons seemed to improve in favor of buyers. But the $103-$104 range could pose some hefty barriers in the ongoing rally.

With an over 9% drop in the trading volumes over the last day, the current gains seemed fragile and susceptible to bearish interventions. Nevertheless, a close above the ribbons would position SOL for a test of the $105-zone before possibly facing slight resistance. On the flip side, any reversals from the $104-mark could cause a further pullback in the coming days.  

Rationale

Crypto Hot News For Solana, the determining factors for an extended rally are…

The alt’s Relative Strength Index kept the bullish revival hopes alive as it still looked north following its breach of the midline mark. A continued trajectory above the 57-mark would open up a recovery route for SOL towards the $105-$107 range. Also, the CMF swayed above the zero-mark and corresponded with the RSI’s bullish stance.

The OBV’s movements saw improvements, a close below its immediate trendline resistance would affirm a hidden bearish divergence with the price on the 4-hour timeframe.

Conclusion

The investors/traders should watch for a close above the EMA ribbons at the $104-mark. In which case, SOL could see an extended recovery towards the $106-zone before a plunge on its charts. However, it is vital to take note of the decreasing volumes and, with it, the higher chances of a failure to maintain its current bull run.

Besides, considering the impact of the broader sentiment of Bitcoin’s movement would also be vital in making a profitable move.

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Written by thegamefi

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