Solana Trades Above 20-day EMA and 50-day SMA, SOL Shows Upward Momentum
- SOL trades above 20-day EMA and 50-day SMA, signaling strong upward momentum.
- Announcement of Seeker phone boosts market sentiment and SOL price.
- Price targets: potential rise to $186.62 if $160.15 resistance broken, or drop to $131.47 if bearish trend emerges.
Solana (SOL) finds itself in a potentially bullish position as it trades above two crucial moving averages, setting the stage for a possible breakout above the $160 resistance level.
This positive price action comes in the wake of exciting developments within the Solana ecosystem, particularly the announcement of the networks second phone, Seeker.
During the Token2049 event on September 19, Solana Labs unveiled plans for Seeker, slated for launch in 2025. Emmett Hollyer, Solanas General Manager, emphasized that this new mobile device would address criticisms faced by its predecessor, Saga.
The markets enthusiastic response to this announcement has propelled SOLs price above both its 20-day exponential moving average (EMA) and 50-day simple moving average (SMA).
Solana shows strong short term momentum
The 20-day EMA, a short-term indicator highly responsive to price fluctuations, currently sits below SOLs trading price. This positioning signals robust short-term momentum, suggesting increased accumulation as buyers assert control over the market.
Concurrently, SOLs position above the 50-day SMA, a longer-term trend indicator, points to a sustained uptrend.
This alignment of both short and long-term bullish signals has caught the attention of traders, potentially triggering a shift from short to long positions.
Evidence of this sentiment shift can be seen in SOLs aggregated funding rate, which has climbed to its highest level in nearly a month. The current funding rate of 0.0098% indicates a growing preference for long positions in Solanas futures market.
Further supporting the bullish narrative, Solanas Chaikin Money Flow (CMF) has reached 0.26, its highest point since March. This elevated CMF reading suggests that the ongoing price rally is backed by genuine demand rather than mere speculation, signaling significant capital inflow into the SOL market.
Looking ahead, if the current bullish momentum persists, Solanas price could potentially breach the $160.15 resistance level. A successful retest of this threshold could pave the way for a push towards $186.62, representing a significant milestone in SOLs recovery.
Read more: https://thenewscrypto.com/solana-trades-above-20-day-ema-and-50-day-sma-sol-shows-upward-momentum/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
