Bears Take Over
After reaching new local highs, Solana has encountered resistance at the $67 level, leading sellers to make a stand and preventing buyers from breaking through. The key support level is at $43.
Potential Loss of Uptrend
From mid-October, Solana has surged from $21 to $67 without significant pullbacks, raising the possibility of a deeper correction in the future.
Daily RSI Bearish Divergence
Despite SOL’s price reaching higher highs, the daily RSI is exhibiting a bearish divergence, indicating waning buy momentum and providing an opportunity for sellers to drive the cryptocurrency lower.
Neutral Bias
The bias for SOL is currently neutral.
Short-Term Outlook for SOL Price
Solana continues to perform strongly, but the rally may be nearing its end. If buyers are unable to push the price above the $67 resistance, sellers could take control in the near future.
Hot Take: Solana’s Rally Appears to be Reaching a Peak
Solana’s spectacular performance seems to have hit a ceiling, with the $67 resistance proving challenging for buyers. With a potential bearish divergence in the daily RSI and a neutral bias, the cryptocurrency’s upward momentum may be stalling, hinting at a possible shift in the market dynamic.
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