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The Solana price is up 7% over the past week following a minor 24-hour gain to trade at $153.36 as of 11:05 p.m. EST as traders go long on the crypto.
Despite the strong positive weekly performance, the SOL price is still slightly in the red on the longer-term monthly time frame.
Solana Price Trades In A Bullish Channel
Daily chart for SOL/USD (Source: GeckoTerminal)
An ascending channel has formed on the daily chart after the Solana price printed a series of higher lows and higher highs over the past few days, according to data from GeckoTerminal. Now, the altcoin is attempting to break above a resistance level at $155.89. Should it succeed, the crypto could rise to as high as $171.95 in the short term if the bullish pressure persists.
However, a rejection from the $155.89 resistance level in the next 24-48 hours might result in a more bearish scenario playing out. Traders might then opt to cash in their profits from the crypto’s recent rally in this alternative case, which could lead to the Solana price dropping out of the newly-formed bullish channel.
If that happens, SOL might end up testing the nearest support level at $138.11. Failure to hold above this technical safety net could then result in a continued drop for the crypto.
Solana Price Might Pullback Soon As Momentum Starts To Stall
Looking at technical indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), there are some early signs that warn SOL’s bullish momentum has stalled.
In the last 24 hours, the RSI line has started to slope negatively. This might be a sign that buyers are starting to exit SOL’s charts. While the indicator is still bullishly above the neutral 50 mark, the downward slope warns that sellers could soon take complete control of the Solana price.
The MACD is still positioned above the MACD Signal line, which suggests SOL remains in a bullish trend. However, the falling RSI values could lead to this positive trend coming to an end. Traders will want to watch out for any signs that the MACD is starting to drop towards the MACD Signal line, as this could lead to a bearish crossover of the two indicators.
As the Solana price tries to flip the resistance level at $155.89 into support, investors are buying into a new presale meme coin called Snorter Token (SNORT). YouTuber and analyst Jacob Crypto Bury, who has over 56.9K subscribers, says SNORT has the potential to surge 100X after its launch.
Snorter Turns Telegram Into A Personalized Trading Dashboard
Snorter Token introduces a new crypto trading bot that enables users to snipe new tokens as they launch, perform sub-second swaps, copy other traders and manage their trading portfolios in real-time all from the Telegram messaging app.
Up until now, the crypto trading scene has been dominated by crypto whales who share their next moves in secretive groups and often perform trades at the expense of smaller retail traders. However, with Snorter Bot’s lightning speeds and ease of use, this dynamic is set to change soon.
The Snorter Bot also comes with advanced rug pull and honeypot scam detection, and has already achieved an 85% success rate in safeguarding users’ funds against these threats. What’s more, the bot offers MEV protection as well, ensuring that users’ trades don’t get frontrun by MEV bots.
All of that functionality comes with competitive fees as well. By simply holding SNORT, users slash their execution costs from 1.5% to 0.85%. This undercuts other Telegram trading bots such as Trojan and BonkBot, giving Snorter Bot a competitive advantage in the market.
SNORT Presale Charges Towards $2 Million
The Snorter Token presale has already surpassed the $1.4 million mark, signaling strong investor confidence in the project’s future.
Interested investors can acquire tokens via the simple buy widget embedded on the project’s website. Selling at a low price of $0.0967, SNORT can be bought with either crypto or bank card.
Once purchased, tokens can also be staked for an attractive 241% APY.
Buyers that want to secure the best presale deal will want to hurry, because SNORT’s price will undergo a series of staged increases as the ICO progresses. The next presale price hike is scheduled to take place in less than 7 hours.
Visit the official Snorter Token website.
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