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The Solana price rose slightly in the last 24 hours to trade at $147.03 as of 11:17 p.m. EST as investors slowly up their exposure to the altcoin.
The increase in the SOL price comes after Invesco and Galaxy Digital filed the initial documents to launch a spot Solana ETF (exchange-traded fund). This is the ninth filing for a US SOL-tracking ETF.
Solana Price Breaks Out Above A Negative Channel And Flips Resistance
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price escaped a negative channel in the last couple of days and flipped a resistance level at $140.52 into support as a result, data from GeckoTerminal shows. If traders identify the altcoin’s current price as a buy opportunity, it could lead to SOL rising to the next major resistance at $165.
Overcoming that barrier could then lead to a rise to as high as $191.41 in the short term if the buy pressure persists.
On the other hand, a drop back below the recently-breached $140.52 mark might invalidate the bullish thesis. In this alternative scenario, the Solana price could end up dropping back into the aforementioned negative channel, and potentially test the nearest support in this case at $121.84.
Technicals Suggest The Solana Price Might Keep Climbing
From a technical point of view, indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), are both flashing bullish.
A major bullish technical flag is on the verge of being triggered by the MACD, as the MACD line attempts to cross the MACD Signal line. If this cross between the two technical indicators happens, it could indicate that the Solana price has entered a positive trend. Traders might therefore react positively to this development and start to enter into long positions for SOL.
RSI readings have also risen in the last 24 hours, which could be seen as a sign of growing buyer strength. The current value below the neutral 50 mark warns bears still have a slight upper hand, but the upward slope of the RSI line suggests there could be a bullish shift in power soon.
While the Solana price looks to keep climbing, investors are also buying into the presale for Snorter Token (SNORT). Analyst and crypto YouTuber Jacob Crypto Bury, who has over 56.8K subscribers, says the new crypto has the potential to soar 100X on launch.
Snorter Looking To Take Over From BonkBot, Maestro And Others
Snorter Token is a new trading bot project that aims to establish itself in a market currently dominated by BonkBot, Maestro, and a handful of other competitors. What sets the Snorter Bot apart from its rivals is its ease of use, low fees and range of functionalities.
Unlike its rivals, which often require using browser-based tools, the Snorter Bot operates directly within the popular messaging platform, Telegram. This means that users can snipe new tokens, copy other top traders, perform sub-second swaps and monitor their portfolios in real-time, all from the messaging app.
On top of that, the Snorter Bot also offers users MEV bot protection and comes with advanced honeypot scam and rug pull detection.
All of Snorter Bot’s features come at competitive fees as well. By simply holding SNORT tokens, users slash their execution costs from 1.5% down to 0.85%.
SNORT Presale Charges Towards $2 Million – Best Crypto To Buy Now?
Snorter Token has already raised over $1.2 million in its ongoing presale, as investors rush to get in at this early stage.
Investors that want to participate in the presale can do so by purchasing SNORT through the simple buy widget embedded on the project’s website. Selling for $0.0963, SNORT can be purchased using either crypto or bank card.
Once bought, the tokens can also be put to work in the project’s presale staking pool for a passive income, with a 257% APY on offer.
Investors that want to lock in the best rate will want to act fast, because SNORT’s price will undergo a series of staged price increases as the presale progresses. The next price hike is set to take place in around 31 hours.
Check out SNORT on its official website.
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