Solana price has edged lower after two days in the green. Even with the easing, the altcoin has held steady above the critical zone of $40.00. As is the case with other cryptocurrencies, SOLUSD has been boosted by the improved market sentiment following the Fed interest rate decision and subsequent comments by Jerome Powell. Notably, the event boosted risk assets while yielding a decline in the value of the US dollar.
Fundamentals
Cryptocurrencies continue to move in tandem with the stock market as has been the case in recent months. In particular, crypto investors appear keen on the tech-heavy Nasdaq. As at the time of writing, the Nasdaq-100 index was trading at its highest level since early May at $12,931. Similar to the index, Bitcoin price is in the green for the third session in a row amid the risk-on mood. With the sentiment set to continue into the weekend, Solana price will likely hold steady above $40.00 in the short term.
Solana price prediction
SOLUSD has eased after hitting a one-week high of 44.46 earlier on Friday. The altcoin has been on a rebound since Tuesday when it hit a two-week low at 34.64. As shown on its four-hour chart, it is trading above the 25 and 50-day exponential moving averages.
The formation of a golden cross further points to more gains in the short term. The bullish pattern forms when a short-term EMA (25-day EMA) crosses over the long-term one (50-day EMA) to the upside.
As it enters the weekend, I expect the range between 40.57 and 42.61 to remain a critical one for Solana price. If the bulls manage to push it past the range’s upper border, 43.44 will be the next resistance level to look out for. Even with the probable pullback, it will likely remain above the support zone of 39.55. Past that level, this bullish thesis will be invalid.
