Solana, the leading Layer 1 blockchain platform, has at last overcome the critical $200 barrier, giving investors new hope. This milestone feeds expectations of more price increases and marks a turning point following a period of consolidation.
Some optimistic market onlookers are viewing this price action as a sort of launching pad for long-term bullish trends. If the price breaks above the $200 level, Rekt Capital pointed out, the months-long downtrend of Solana might finally be over. Additionally, he said, for SOL’s advance to be fully absorbed, it must close the week above $202.
Solana didn’t wait for the Weekly Close and just broke out straight to $202 resistance (red)
The multi-month Downtrend is over (blue)
And Solana is a Weekly Close above $202 (red) away from kickstarting a rally into $200+#Solana #SOL #BTC https://t.co/8If7EtMDK7 pic.twitter.com/1T9XVPQyQO
— Rekt Capital (@rektcapital) November 8, 2024
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Technical Indicators Reinforce Bullish Sentiment
Several technical indicators are still confirming the positive tone, which prevails in Solana. Both the 50-day and 100-day Exponential Moving Averages are below the current price, displaying consistent upward movement with strong support in the last retracements, while the bullish crossover provides more significant reasons to continue the short-term up the medium-run channel.
Its MACD recently crossed above the signal line, indicating that this upward movement might continue. Momentum is also provided by CMF as it shows a reading of 0.17. It represents the buying pressure, which is strong enough because the capital inflow is more than the outflow and hence indicates that investors are even more interested in the stock.
The Relative Strength Index is an additional indicator that supports the present price movement of Solana. This indicates that SOL has adequate leeway for additional growth even if it is nearly at its overbought range.
Together, the technical indications should provide a strong basis, indicating that Solana’s upward trend may continue as long as volume and investor sentiment are sustained.
Potential Resistance And Future Market Projections
While the performance of Solana in recent days looks good, it reaches a possible resistance point close to…
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