Long-term outlook for Solana price: bullish
The price of Solana (SOL) has rallied above the 21-day SMA, with buyers overcoming resistance at $68.13. The uptrend has reached a high of $76.20 and could continue to rise towards the expected price target of $80. If this level is reached and broken, Solana will likely continue to rise. However, it is important to note that Solana is currently overbought, which means that if sellers emerge from this position, the market could be between $57 and $80.
On the downside, if bears break below the $57 low or the 21-day SMA support, Solana will fall. In this case, SOL/USD will first drop to the previous low of $52 or above the 50-day simple moving average.
Analysis of the Solana price indicator
On November 21, the price of Solana declined but found support above the 21-day SMA. The bulls bought the dips, causing the altcoin to bounce back above the 21-day SMA. The positive momentum has been maintained as the uptrend enters its second leg.
Technical Indicators
Key supply zones: $60, $65, $70
Key demand zones: $30, $25, $20
What is the next step for Solana?
Solana is approaching its target price of $80. However, it may face resistance at this level. If the bulls are able to break through and surpass $80, Solana could rise to the $100 level.
Hot Take: Solana’s Bullish Rally Continues Amid Overbought Conditions
Solana’s recent rally has pushed its price above the 21-day SMA and resistance at $68.13. The cryptocurrency has reached a high of $76.20 and is poised to continue rising towards the target price of $80. However, caution is advised as Solana is currently overbought, which could lead to a market correction. If bears manage to break below the $57 support level, Solana could experience a decline. Nevertheless, the positive momentum and strong buyer demand indicate a bullish outlook for Solana in the long term.
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