The cryptocurrency market has seen a surge, particularly benefiting Solana investors through airdrop events and memecoin projects like BONK, which have gained significant momentum. This has led to an increased preference for Solana among investors. The question now is what the future holds for Solana, as we delve into detailed chart analyses.
Solana’s four-hour chart features a triangle pattern, where a support or resistance breakout will be key in determining the direction. The current trend is negative as the latest bars remain below the EMA 200 level (red line). However, a rebound from the formation’s support line could facilitate a momentum gain for Solana.
Key support levels to watch on Solana’s four-hour chart are $91.38, $87.18, and $83.72. A close below the $91.38 level, intersecting the formation’s support line, could signal a bearish outcome for the pattern.
On the flip side, important resistance levels to monitor are $95.29, $97.94, and $101.33. A four-hour bar closing above the $95.29 level, intersecting with the EMA 200, would indicate a potential gain in Solana’s price momentum.
The SOL/ETH pair has seen a notable decline recently, despite Ethereum’s rising trend line acting as support for Solana’s price. However, closures below the EMA 200 level over the past week could lead to Solana’s depreciation against Ethereum. Critical support levels for the SOL/ETH four-hour chart are 0.03741, 0.03591, and 0.03427, with a close below 0.03741 potentially indicating a loss in value. Conversely, resistance levels at 0.03909, 0.04038, and 0.04142, especially a close above 0.04142 intersecting with the EMA 200, could signal an appreciation in Solana’s value against Ethereum.