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The Solana price dropped 3% in the last 24 hours to trade at $140.46 as of 10:40 p.m. EST as investors sell some of their holdings in the altcoin.
The recent decrease in the SOL price is a continuation of the longer-term negative trend that the crypto has been in over the past month. As a result, the Solana price is down more than 19% over the past month.
Solana Price Challenging A Negative Trend Line, Will It Break Through?
Daily chart for SOL/USD (Source: GeckoTerminal)
The Solana price is attempting to overcome a medium-term descending trendline, which is currently also confluent with a resistance level at $140.45, data from GeckoTerminal shows.
Should the altcoin clear that strong technical barrier, it could have the room needed to potentially rise to $165.57. In an extreme case, bulls could even end up pushing SOL to as high as $190.60 in the short term.
However, bears managing to defend the negative trend line might invalidate the bullish thesis. In this alternative case, the Solana price could end up falling to $121.13, which is the nearest support level.
Technicals Show The Solana Price Is Slowly Building Up Bullish Strength
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) suggest the Solana price might climb in the next 24 hours.
In the last couple of days, the MACD line has started to slowly rise towards the MACD Signal line. Now, the prior is attempting to cross above the latter. If this intersection happens, traders might see the development as a buy signal, given that this type of cross usually indicates that an asset has entered a positive trend.
Buyers are growing stronger as well, as evident by the uptick in RSI values over the past few days. This supports a bullish outlook. If this trend continues, the RSI might soon break above the neutral 50 mark as well to signal that buyers have taken control of the Solana price.
With regards to whether the Solana price can break above the negative trend line, it appears bears still have a tight grip on the altcoin’s price. The MACD shows that bulls can still flip the script and take control, but the strong technical barrier holding the Solana price down could prove to be too strong for buyers to push SOL through.
As the Solana price tries to overcome a medium-term technical barrier, investors are buying into the presale for Snorter Token (SNORT).
Multiple experts have shared their bullish predictions for the meme coin. Among them is popular analyst and YouTuber Jacob Crypto Bury, who told his more than 56.8K subscribers in a recent video that SNORT has the potential to soar 100X on launch.
Snorter Enables Retail Traders To Challenge Whales
The crypto market is known to be dominated by whales, who share their next moves in secretive groups and often execute trades at the expense of smaller, unsuspecting retail traders. Snorter Token, with its native trading bot offering, aims to change this.
With Snorter, users can turn their Telegram app into a personalized trading dashboard. They can then perform sub-second swaps, snipe new tokens, follow other top traders and monitor their portfolio in real-time.
On top of the ease of use, the Snorter Bot also comes with MEV protection as well as advanced honeypot scam and rug pull detection.
All of that also comes at competitively low fees. By simply holding SNORT, users slash their execution costs from 1.5% to 0.85%. This undercuts other trading bots currently in the market including BonkBot and Maestro.
SNORT Presale Charges Towards $2 Million
Snorter Token has managed to raise over $1.3 million through its ongoing presale so far, signaling strong investor confidence in the project’s future.
Interested investors can acquire the meme coin at this early stage through the easy-to-use buy widget embedded on the project’s website. Selling for $0.0963, SNORT can be bought with either crypto or bank card. After purchasing some tokens, investors can then put their tokens to work via the project’s presale staking pool, which currently offers a 253% APY.
Investors that want to secure the best presale deal will want to act fast, however, because SNORT’s price will undergo a series of staged increases as the ICO progresses. The next price hike is in around 7 hours.
Check out SNORT on its official website.
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