Solana price resumed the upward moves and extended the up-move, replicating bullishness on the chart. SOL price switching gains to claim the higher swing of $100, which is the primary target of buyers. On the contrary, sellers pushed the SOL price below the 20-day EMA to break the voyage. However, the charts replicate the positive trend and favors the bulls. Furthermore, the ongoing trend suggests that SOL price continued to form higher highs sequences and is on the bullish track.
SOL price has surpassed the primary hurdle of $50 and jumped massively in a single go, followed by the crypto market pump. Furthermore, the bulls look strong and have challenged the bears for the upcoming battle to shift the rally to $100, where sellers are feeling hopeless and stayed on the back foot. Per the Fibonacci retracement zone, SOL price remained above the 50% zone and tried to sustain above the 61.8% zone, which acted as a resistance near $70.
The live price of the Solana coin is $65.87, with an intraday drop of 7.42%, showing neutrality on the charts. Moreover, the trading volume increased by 8.33% to $2.40 Billion. However, the pair of SOL/BTC is at 0.00161 BTC, and the market cap is $28.20 Billion. Furthermore, analysts have maintained a buy rating and suggest a positive sentimental view for the following sessions.
Daily Charts Exhibits
On the daily chart, the SOL price stayed in the bullish trajectory and replicated bullishness over the past sessions. Moreover, the price action showcased the bulls’ dominance and suggests that the SOL price may reach the psychological mark of $100 soon. Additionally, the golden crossover spotted on the chart gives a strong conviction that buyers will continue to accumulate the gains, and that the rise will continue in the following sessions.
The RSI curve stayed above neutrality near 65, showing a positive divergence, suggesting a positive outlook on the chart.The MACD indicator showed a bearish crossover, and red bars formed on the histogram, suggesting a volatile outlook for the upcoming sessions.
Weekly Charts Displays Massive Recuperation
On the weekly chart, SOL price displayed a sharp bounce from the lows of $8 and surged over 700 from the start of 2023 till December. Moreover, the buyers are on their way to extend the rally and eventually claim the $100 mark.
Summary
Solana price stayed above the neutral region and has persisted in extending the gains, highlighting the bullishness on the chart. Moreover, the price action displays the bulls’ dominance and replicates the higher highs formation, and that the SOL price continued to extend the gains inside the rising parallel channel.
Technical Levels
Support Levels: $60 and $57
Resistance Levels: $70 and $75
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
Source: https://www.thecoinrepublic.com/2023/12/13/solana-price-prediction-sol-gains-pace-will-it-claim-100/