Solana (SOL) Price Jumps 50% – Is Capitulation Over?

2022-11-11 15:45

The Solana (SOL) price has increased over the past two days but could still be in a relief rally. An eventual re-test of $13 is the most likely scenario.

The Solana price has decreased since reaching an all-time high price of $253.30 in Nov. 2021. Initially, the Solana price bounced at the $29 horizontal support area. However, it finally broke down on Nov. 9 and proceeded to reach a low of $12.37 in Nov. 2022. 

Prior to the breakdown, this long-term area had been in place for 567 days. The weekly RSI supports the decrease. It has broken down from its bullish divergence line (green line) and is decreasing.

Afterward, the Solana price fell to a low of $12.37 and bounced. The bounce created a long lower wick and validated the $13.50 horizontal area as support. 

So, the most likely Solana price prediction is trading between the $13.50 and $29 areas, with the latter acting as resistance.

SOL/USDT Chart By TradingView Solana Price Prediction: Short-Term Relief or Reversal?

The technical analysis from the daily chart supports the scenario in which the SOL price does not reclaim the $28.75 area. The main reason for this is that the area is both a horizontal resistance in the daily time frame and the 0.618 Fib retracement resistance level (white). 

Furthermore, the RSI is below 50 and has not generated any bullish divergence. While the Solana price has increased over the past 24 hours, possibly due to lower-than-expected CPI reading, there are no clear bullish reversal signs yet.

To conclude, the price forecast can be considered bearish as long as the SOL price does not reclaim the $28.75 resistance area.

SOL/USDT Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decision.

The post Solana (SOL) Price Jumps 50% – Is Capitulation Over? appeared first on BeInCrypto.

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Solana (SOL) на Currencies.ru

$ 182.21 (-2.17%)
Объем 24H $4.623b
Изменеия 24h: -2.07 %, 7d: -17.32 %
Cегодня L: $178.94 - H: $187.45
Капитализация $87.343b Rank 6
Цена в час новости $ 16.29 (1018.54%)

solana price sol capitulation jumps re-test likely

Источник: beincrypto.com

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Analyst Says Solana Price Will Surge 1,000% To $1,800, Here’s When

A crypto analyst has predicted that Solana (SOL) is set to rally by 1,000% this bullish cycle. According to his analysis, SOL is preparing for a mega surge to new all time highs of $1,800. Solana Sets Sight On $1,800 Price Increase In a recent X (formerly Twitter) post, Ali Martinez, a prominent cryptocurrency analyst, expressed bullish sentiment regarding Solana’s future price outlook.

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