Breakout Soon?
Solana is poised to break higher and turn the resistance at $78 into a support. If this occurs, it is more likely that the cryptocurrency will reach a valuation in the triple digits.
Key Support Held
The support level at $67 successfully prevented a sell-off on Monday, and buyers quickly returned to push the price back above the key resistance level. This indicates that pullbacks in this market are shallow and swiftly bought.
RSI Shows Weakness
Although the price seems ready to continue its upward trend, the 3-day RSI tells a different story. Since mid-November, it has been forming lower highs, which warrants caution. The momentum indicated by the RSI can eventually be reversed.
Bias
The bias for SOL remains bullish.
Short-Term Prediction for SOL Price
If there is a breakout above $78, Solana will likely target the next key level at $100. However, this upward movement requires continued dominance from the bulls.
Hot Take: Solana Shows Strength Despite Pullback
Solana continues to demonstrate its strength even in the face of recent pullbacks. With the potential for a breakout and key support levels holding, SOL remains in a favorable position for further gains.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.