- Solana price saw price action dip below important support at $219.75 last week.
- SOL price saw a quick buy-in from bulls on the dip, pairing back losses above $219.75 during the weekend.
- With buy volume picking up, expect possible new all-time highs for Solana valuation by the end of this week.
Solana (SOL) price saw its value depreciate slightly, slipping below the critical support level at $219.75. The break accelerated the correction but saw bulls quickly stepping in and limiting further losses by defending the monthly support at $185 and helped by the 55-day Simple Moving Average (SMA). With the renewed buy-side pickup in demand, expect a break to the upside and new all-time highs by the end of the week around $280.
Solana price sees bullish uptick making new all-time highs by the end of the week
Solana price came under some selling pressure whilst respecting a top side trend line that had been limiting further upside for most of November. As bulls were forced to the sidelines, bears saw the opportunity to attack an important support level at $219.75, which originated from the beginning of September. After the break below that level downside velocity accelerated , as more shorters joined the party pushing SOL price even lower.
SOL price found support relatively quickly, however, at the monthly pivot at $185, and the 55-day SMA just above at around $182. These two technical elements tilted price action quickly back up towards the historical support level at $219.75 and even beyond with a retest of the top trend line but got rejected. Expect bulls to sit on their hands and try to break the trend line and R1 resistance level near $240.
SOL/USD daily chart
With SOL price currently in the middle of last week's range expect a break to the upside eventually, with the appearance of one or two tailwinds that could appear and help lift sentiment to break monthly R1 resistance at $240. The break of that top trend line would then see accelerated inflow from bulls with demand-side volume exploding and a resulting spike in the price action.. Once bulls can consolidate above $240, expect new all-time highs in the days that follow.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin eases ahead of key Federal Reserve decision on interest rates
Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve (Fed), which is expected to lower interest rates for the first time in more than four years.
Why US citizens can’t participate in airdrops: Top house republicans ask SEC Chair Gary Gensler
Crypto market participants in the United States are excluded from airdrops for legal reasons. Airdrops occur when crypto projects distribute their tokens to holders in a free or discounted manner, sending them directly to their wallet address or inviting eligible users to claim these crypto assets.
DUSK price set for a rally after finding support around key level
Dusk (DUSK), a Layer 1 blockchain protocol that brings classic finance and real-world assets (RWA) on-chain, recovers initial weekly losses and recaptures the $0.210 level, up 5% in the day on Wednesday.
Binance addresses WazirX and Zettai accusations on the July hack
The WazirX team and Nischal Shetty continue to mislead customers about a $230 million hack in July, according to Binance. On Tuesday, crypto exchange Binance addressed “inaccurate and misleading statements” from Zettai and WazirX regarding Binance.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.