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The Solana price pumped over 13% in the last week following a 2% gain in the past 24 hours to trade at $160.94 as of 12:00 a.m. EST.
haha, i'm understand and appreciate the openness.. but keep in mind after launch there's flows and then add'l eth products i'm sure, then solana, and then.. it's prob never going to end. The dam has broken
— Eric Balchunas (@EricBalchunas) July 15, 2024
This recent gain by the SOL price comes after Bloomberg ETF analyst Eric Balchunas predicted that the launch of Ethereum ETFs (exchange-traded funds) will lead to a Solana ETF.
He said the launch of ETH ETFs will likely be followed by additional Ethereum products before a Solana ETF is launched, adding that the launch of new crypto ETFs is probably “never going to end.”
The Solana Price Forms A Bullish Channel To Overcome Resistance
4-hour chart for SOL/USD (Source: TradingView)
The Solana price has been in a positive sequence on the 4-hour chart, printing a series of higher highs and higher lows to form an ascending channel. This has enabled the altcoin to overcome the major resistance level at $157.65 in the last 24 hours.
Should SOL continue to trade in the bullish price channel, it might soon attempt to overcome the next technical barrier at $168.62. Clearing this obstacle could then give the crypto the foundation needed to climb higher in the following 24 hours.
However, the Solana price falling below the $157.65 mark in the next 12 hours might invalidate this bullish thesis. Not only will falling under this level result in the loss of a technical support, it will also place SOL outside of the ascending price channel. As a result, the crypto could be at risk of plunging to as low as $146.40 in the following 48 hours.
Bearish Technical Signs Warn The Solana Price Might Drop
Traders and investors will want to take note of the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators on the 4-hour chart. These technical indicators are starting to show negative signs, which might suggest that SOL’s bullish momentum is cooling off.
Over the past 24 hours, the MACD line has been falling towards the MACD Signal line. Although the current orientation of these two lines indicates SOL is in a short-term bullish cycle, the narrowing gap between the indicators could be an early sign of a bearish trend reversal.
RSI readings have also been gradually declining throughout the past day of trading, but remain well above the 50 benchmark at 69. The current RSI value indicates bullish strength, but the negative slope of the RSI line warns that buyers could weaken against sellers in the next 24 hours. If the RSI falls below 50, it might signal that bears have taken over.
As bearish signs emerge on SOL’s 4-hour chart, investors might want to consider the hot presale WienerAI (WAI) as it enters its final stage before listing.
A Meme Coin Project Offering The Trifecta Of Trading Tools
WienerAI (WAI) is a meme coin with unprecedented levels of utility. At the core of the project are sophisticated AI models that are able to analyze heaps of market data to uncover hidden insights.
Traders can therefore focus on the timing and execution of their orders without having to scramble to find opportunities first.
What’s more, WienerAI offers two additional tools that can increase traders’ capabilities tenfold. With a seamless token swap solution called Sausage Swap, traders and investors will never miss another golden opportunity.
There is also the ecosystem’s MEV protection, which facilitates faster trade executions by blocking MEV bots from front running traders.
All of these tools combined with WienerAI’s appeal to meme coin investors has turned influential YouTuber ClayBro bullish on WienerAI. He’s urged his viewers to “get greedy” and purchase the meme coin.
Time Is Running Out For Investors To Buy WAI At ICO Prices
There are just two weeks left before WienerAI’s presale comes to an end. So far, investors have sent more than $7.5 million to the crypto’s ICO, signaling strong confidence in the project’s future.
With time running out, investors might also miss out on the 150% APY on offer to presale buyers if they do not purchase the token within the next 2 weeks.
Don't miss out!
WienerAI presale ends on July 31st. Secure your tokens now and join the trading revolution! 🌭🤖 pic.twitter.com/PyYEPwDtl2
— WienerAI (@WienerDogAI) July 10, 2024
Acquiring the token is simple. Investors can utilize the easy-to-use buy widget embedded on WienerAI’s official website. Selling for $0.00073, WAI can be bought using either ETH, USDT, BNB or bank card. Once purchased, the tokens can be staked for the high rewards.
Purchase and stake WAI here before its presale ends.
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