The Recent Price Movement of Solana (SOL)
The price of Solana (SOL) hit a new high for the year on November 16 at $68.20 but has since seen a decline, currently trading just below a key resistance level at $62.50. The question now is whether it will break through this resistance area or face rejection.
Solana’s Bullish Movement
Since the beginning of October, the SOL price has been on a strong upward trend. During this time, SOL broke through and confirmed a descending resistance trend line as support. Additionally, it surpassed the $27.50 resistance area and recently reached a high of $68.20, the highest since April 2022.
The Relative Strength Index (RSI) shows positive signs, indicating that the bulls are still in control. Despite being overbought, the RSI value of 80 is below the all-time high of 99, and there is no bearish divergence as of yet.
Analysts’ Outlook on SOL
Several cryptocurrency analysts, including Bluntz Capital, CryptoGodJohn, and RektCapital, have a bullish perspective on the future trend of SOL. Utilizing methods like Elliott Wave theory and horizontal price levels, they believe that the SOL price will surge to a new yearly high.
Price Prediction: Retracement or Continuation?
While the weekly timeframe suggests a bullish sentiment, the six-hour timeframe indicates the possibility of an initial retracement before the altcoin continues its upward trajectory. However, the viability of a bearish head and shoulders pattern has not yet been confirmed.
Hot Take: SOL’s Future Depends on $62.50 Resistance
As the SOL price approaches the critical resistance area at $62.50, the reaction to this level will determine its future movement. A rejection could lead to a 25% decrease, while a successful breakout could result in a 25% increase in price.
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