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- 1 SOL developers announced new AI tool integration into the ecosystem.
- 2 Solana announced a fund equivalent to $1 million for AI.
- 3 Prices escalated by 3.75% in the last 24 hours.
Solana Foundation is keeping up with the trend through its new AI tool integration into the ecosystem. Solana Labs announced to allow users the search feature on the SOL network through the chat tool ChatGPT. The developer team emphasized on the availability of the information about wallet balance control, token transfer and NFT purchases to the concerned user. The new development can induce bullish momentum in SOL price action, breaking the sideways movement.
The Pictorial
SOL price has been moving sideways after the price rally at the beginning of 2023. The price continues the horizontal movement after the abrupt fall that occurred after the uptrend. The prices retraced after facing rejection near $25.40, falling under the bearish influence. The Bollinger Bands form a contracted sideways movement to denote contained price action. The prices coincide with the EMA ribbon and struggle to establish a distinct rule. A flat OBV suggests a neutral market for Solana. The SOL price in downtrend can take a turn after testing the support near $20.00.
Solana forms a horizontal bull trend, as per Super Trends, which is due to the recent consolidation channel. The CCI moves sideways to suggest a constant difference between present prices and historical prices of Solana. The MACD nears a convergence and records descending seller bars to indicate active buyer participation to be witnessed in the coming days. The RSI moves about the 50-range to suggest minimal buyer engagement that is predicted to gradually increase.
The Peephole
SOL price forms a bearish trend in Super Trends taking into account the recent dip in prices. The CCI floats about 100-range to indicate a positive difference in historical prices and SOL price at press time. The MACD forms a positive cross and records buyer interaction in the market. The RSI steadily rises to higher ranges to suggest an increase in buyer interest.
Conclusion
The new development made by the Solana Foundation can spark bullish sentiments in the market. The SOL developers announced AI tool integration in the Solana ecosystem. The SOL price presently forms a sideways movement, but can soon establish bullish momentum. The holder can rely on the support near $20.00.
Technical levels
Support levels: $20.00 and $13.10
Resistance levels: $25.40 and $29.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
