Solana price action produced the higher highs pattern and continued to surge over the past few sessions. The chart shows the continuation of the rally. SOL coin surpassed the swing hurdle of $70 and is targeting the $80 mark. Moreover, the price action highlights the buying momentum. Also, follow on buying was witnessed on the chart. Furthermore, the buyers are looking aggressive now and have trapped the sellers, which has led to a massive short-covering move in the past few sessions.
Solana price displays a bullish bias, and a positive trend signals the buying interest, where SOL continues to gather momentum and persists in extending the rally. In the past few sessions, Solana price continued to take support on the 20-day EMA mark and pulled back decisively, forming a clear higher high pattern. Additionally, the Solana coin surpassed the significant moving averages and traded in bullish trajectory.
The live price of Solana coin is $70.85 with an intraday gain of 12.90%, showing bullishness on the chart. Moreover, the trading volume increased by 13.63% to $4.15 Billion. However, the pair of SOL/BTC is at 0.00164 BTC, and the market cap is $30.31 Billion. Furthermore, analysts have maintained a buy rating and suggest a growth outlook for the upcoming sessions.
Will Solana Coin Reach $80 this Month?
On the daily chart, the Solana coin witnessed a vertical spike from the lows of $20, and a sharp rebound led to reclaiming neutrality in recent sessions. Moreover, SOL price is all set to enter bullish territory, and bulls are celebrating the rally and are persistently expanding the gains.
The RSI curve stayed in the overbought zone and formed a positive divergence, highlighting the outperformance on the chart.The MACD indicator shows a bullish crossover and formed green bars on the histogram, suggesting a favorable bullish outlook for the upcoming sessions.
Solana on Weekly Charts Witnessed Reversal
On the weekly chart, Solana price exhibited a massive reversal and exceeded the 100-day EMA, indicating an impressive bullish momentum in the recent sessions. The price action shows that buyers have succeeded in climbing beyond the swing hurdle of $70, and buyers are willing to reach the blue sky zone above $80.
Summary
Solana price exceeded the resistance mark of $70 and exhibited bullish momentum in the recent sessions. Moreover, the price action displays the bulls’ dominance, and that bulls have set their eyes on the swing mark of $80.
Technical Levels
Support Levels: $68 and $60
Resistance Levels: $74 and $80
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2023/12/08/solana-price-prediction-sol-replicates-uptrend-targeting-80/