Solana (SOL) Continues Uptrend Above $39 Support Level
Cryptocurrency analysts have noted that Solana (SOL) has pulled back above the $39 support level and is continuing its uptrend. The altcoin’s remarkable run is not over yet, as more buyers are entering the market at higher price levels. However, it’s important to remember that an overbought condition in a strongly trending market cannot last indefinitely. Solana is on track to reach its previous high of $46.77, and the price indicator suggests that the cryptocurrency will continue to rise. On the downside, if the support level of $39 is breached, Solana could drop to a low of $31. Currently, SOL/USD is trading at $40.96.
Solana Price Indicator Analysis
The price bars for Solana are currently above the moving average, but the altcoin is experiencing a retreat to the downside. If the bears manage to break below the moving average lines within a shorter time frame, Solana’s price could fall further. However, as Solana continues its rise, both the price bars and moving average lines are pointing upwards.
Technical Indicators
Key supply zones for Solana include $20, $25, and $30, while key demand zones are at $10, $5, and $1.
What’s Next for Solana?
Solana’s uptrend continues as buyers have reestablished themselves above the $39 support level. The altcoin has been trading between $39 and $45 for the past four days, and if these thresholds are broken, Solana will experience further upward movement.
On October 29th, we reported that Solana reached a high of $33.92 before declining and has been trading below the $34.00 resistance level since October 25th.
Hot Take: Solana’s Uptrend Shows No Signs of Slowing Down
Solana (SOL) is defying expectations with its impressive uptrend, attracting more buyers as it continues to rise. The altcoin has pulled back above the $39 support level and shows no signs of slowing down. With a potential target of $46.77 and the price indicator predicting further upward movement, Solana could even reach a high of $62 if it breaks through the current barrier. However, if the support level is breached, there is a possibility that Solana could drop to a low of $31. Overall, Solana’s future looks bullish as it maintains its upward trajectory in the crypto market.
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