Solana Price Analysis: Bullish Long-Term Forecast
The price of Solana (SOL) is currently in a positive trend zone, although the upward momentum has paused. On December 8, the uptrend was interrupted at $75, and despite reaching highs of $77 and $79 on December 9 and 15 respectively, the cryptocurrency was rejected. Last week, Solana traded below the recent high in anticipation of another uptrend. If the previous high is broken, Solana could reach $100. The 21-day SMA support is expected to continue supporting the bullish momentum, but if the bears break above this support level, the price may drop to above $55.
Solana Price Indicator Analysis
The uptrend for Solana remains intact as the price hovers above the 21-day SMA. However, if this support level is breached, the current upward trend will end. The price bars are currently above the rising moving average lines, indicating a potential overbought market.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What’s Next for Solana?
Solana is currently in an uptrend with prices ranging between $64 and $78. The bulls have attempted to retest resistance at $75 in the last 48 hours without success. The cryptocurrency has retested both extremes of the range.
Hot Take: Solana’s Bullish Momentum Holds Strong
The price of Solana (SOL) continues to demonstrate a strong bullish momentum despite a temporary pause in its upward trend. With potential for a breakout above previous highs and ongoing support from the 21-day SMA, Solana could reach $100. However, if the bears manage to break above the 21-day SMA support, a price drop to above $55 may occur. Technical indicators suggest an overbought market, highlighting the need for cautious trading. As Solana remains in an uptrend and tests resistance levels, its next move will be closely watched by crypto traders.
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