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Solana (SOL/USD) Breaks $82.50: A Bullish Outlook Emerges

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on December 21, 2023 | 2 min
Updated on Dec 21, 2023
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  • Solana trades at $82.97, up 11.03%, with key resistance at $87.14 and support at $71.29.
  • RSI at 74 and MACD at 1.10 suggest bullish momentum; Solana above 50 EMA ($74.51).
  • Positive outlook as Solana breaks upward channel at $82.50, indicating potential for further gains.

In the rapidly evolving world of cryptocurrencies, Solana (SOL/USD) has emerged as a formidable player, currently sitting at the fifth position in the CoinMarketCap rankings. As of December 21, the live price of Solana is an impressive $82.97, marking an 11.03% increase in the last 24 hours. This surge in value, backed by a substantial 24-hour trading volume of $4,014,463,745, underscores the growing investor confidence in Solana. With a live market cap of $35,497,004,745 and a circulating supply of 427,827,499 coins, Solana stands out as a significant asset in the crypto market.

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SOL Graph dec 21
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

The current technical landscape of Solana presents an intriguing scenario. Trading above the pivot point of $79.08, Solana faces immediate resistance at $87.14. Successive resistance levels are found at $94.79 and $102.31, which could play a crucial role in its short-term market performance. On the downside, the coin has support levels at $71.29, $63.10, and $55.58, offering potential stabilization points in case of price retractions.

A key factor in Solana’s current market dynamics is the Relative Strength Index (RSI), which stands at 74. This figure suggests that Solana is approaching overbought conditions but also indicates strong bullish momentum in the market. The Moving Average Convergence Divergence (MACD) further supports this bullish sentiment, with a value of 1.10 against a signal of 2.65. These indicators point to a market that is currently favoring the upside.

Another crucial aspect of Solana’s technical analysis is its position relative to the 50-Day Exponential Moving Average (EMA), which is set at $74.51. Currently trading above this critical level, Solana confirms the prevailing short-term bullish trend. The chart patterns, notably an upward channel violation at the $82.50 mark and a subsequent close outside this channel, hint at potential for further upward price movement.

Given these technical indicators, the overall trend for Solana appears bullish, particularly above the $82.50 level. In the short term, the cryptocurrency is expected to challenge the immediate resistance at $87.14. A successful breach of this level could pave the way for Solana to confront and possibly surpass the subsequent resistance levels. Investors and traders should closely monitor these key levels, as a breakout could signal further bullish momentum for Solana.

Stay tuned for more updates!

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About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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