Solana (SOL) has successfully maintained its value above $70, showcasing a performance that surpasses that of Bitcoin. The cryptocurrency appears to be gearing up for a potential new upward movement, with expectations set on reaching levels around $80 or even $85.
In our recent analysis of Solana’s price, we highlighted the potential for further gains if it managed to surpass the $61.80 resistance. Impressively, SOL not only cleared this resistance but also surged beyond the $65 mark, gaining momentum.
Solana (SOL) Faces Resistance Near $78 After Forming Multi-Month High
Solana experienced a notable surge, reaching a multi-month high around $77.73, but encountered resistance near $78. Subsequently, a downside correction followed, dipping below the $72 support zone. Despite this correction, SOL maintained levels above the $65 support zone and the 50-day simple moving average.
Solana price daily chart. Source: TradingView.com
A crucial bullish trend line has been forming, with current support at $66.50 on the daily chart. Recent testing of this trend line indicates a potential upward movement. Currently, SOL has shown a 3% increase, signaling potential for further upsides.
On the upside, resistance levels include $72.50 and $75.00, with a significant breakout zone near $78.00. A clear break above $78.00 could trigger another rally, with the next targets for the bulls at around $85.00 and potentially even $100.00 in the coming days.
In addition to its price action, Solana is making waves in the art world, concluding its exhibition at Art Basel, Miami Beach. Solana artists demonstrated the fusion of digital inspiration with traditional mediums, reshaping artist-patron dynamics.
The Solana exhibition at @ArtBasel Miami Beach was buzzing! 🙌
The exhibition would not have been possible without seamless experiences and support from @TipLinkOfficial, @primitives_xyz, @Sleekcard, @PenguloveNFT, @collector_sh, & @MeetMeural.https://t.co/jMFWmVE31d pic.twitter.com/kZfuECJVyH
— Solana (@solana) December 11, 2023
Solana (SOL) Faces Challenges Near $78: Key Support Levels to Watch
As Solana (SOL) encounters resistance around $78.00, a potential correction lower could be in play. Immediate support is identified near a crucial trend line, followed by the first major support at $65.00. Additionally, the 50% Fibonacci retracement level, calculated from the upward wave between the $51.30 swing low and the $77.73 high, offers support.
The main support level stands at $61.40, and a breach below it might initiate a more extended decline. In such a scenario, the price could test the $51.40 support and the 50-day simple moving average (blue).
Despite these challenges, SOL retains its gains and exhibits positive signs above $65.00. Stability above the trend line and $61.40 could pave the way for a renewed surge. However, failure to maintain these levels might lead to a downside correction, targeting $51.40.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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