Solana Price Soars Over 30% And Flips BNB! Can SOL Price Hold Its Gains?
The post Solana Price Soars Over 30% And Flips BNB! Can SOL Price Hold Its Gains? appeared first on Coinpedia Fintech News
The Solana token continues to display significant price movements as it has successfully overtaken Binance coin and claimed the fourth spot in the top 100 cryptocurrencies by market cap.
Further, the SOL price continues its struggle to break out of its key resistance level at $100, indicating a strong liquidation point at that level.
The Solana token traded in a closed range between $54.01 and $59.73 for a brief period, following which the price gained momentum and broke out of the range. The rally was short-lived as the bulls faced rejection at $65.90.
TradingView: SOL/USDT
After this, the price traded sideways in a range between $59.73 and $65.90 for a while. As the market regained power, the bulls jumped over 33% before facing rejection at $79.65. The SOL price then traded in a consolidated range between $65.90 and $79.65 for almost two weeks.
During this time the token recorded constant pump-and-dump in value. After multiple attempts, the bulls recently broke out of the resistance level at $79.65 and jumped over 39%.
However, the price failed to achieve its target price of $100. Since then, the price is constantly trading in a range between $90 and $100.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the histogram, indicating a decrease in the buying pressure for this token in the market. Moreover, the averages show a high possibility of a bearish convergence, highlighting the price may experience a significant correction in value in the coming days.
Will SOL Price Hit $100 Soon?
If the bulls achieve its target price of $100, the SOL price will continue to rise and prepare to test its upper resistance level of $105 in the coming week.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $90 over the weekend. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $79.95 in the coming days.
If a trend reversal occurs, the Solana price is predicted to test its lows of $70 by the year-end.
Filed under: Bitcoin - @ December 23, 2023 7:17 am