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Solana (SOL/USD) Climbs to $70.40, Eyes on Resistance

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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 12, 2023 | 2 min
Updated on Dec 12, 2023
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  • Solana holds the 6th rank with a $30B market cap, signaling a strong market presence.
  • Technical indicators suggest a cautiously bullish outlook, with the RSI and MACD nearing key thresholds.
  • A sustained price above the $67.75 support level could see Solana challenging higher resistances.

Solana’s (SOL/USD) presence in the digital currency space is gaining steady attention as it trades at $70.40, marking a 0.52% increase over the last 24 hours. The cryptocurrency, known for its high-speed blockchain, currently ranks 6th with a market capitalization of $30 billion and a circulating supply of over 426 million SOL, per CoinMarketCap data. As we examine Solana’s journey on the 4-hour chart, it’s clear that the currency is at a crossroads of market sentiment and technical indicators.

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Solena coin
SOL/USD Price Chart – Source: Tradingview

Solana Price Prediction: Technical Outlook

The pivot point for SOL/USD is set at $63.42, which serves as a baseline for the currency’s support and resistance levels. Immediate resistance is at $70.56, and a breach here could propel the coin toward loftier resistance levels at $82.08 and potentially $89.22. However, should bearish sentiment take hold, SOL could retreat to find immediate support at $51.90, with further fallback positions at $44.76 and $37.47.

The Relative Strength Index (RSI), sitting just below the midpoint at 49, depicts a market in balance, with neither overbought nor oversold conditions currently dictating the price. This suggests that investors are waiting for a catalyst to determine the direction of Solana’s next significant move. The Moving Average Convergence Divergence (MACD) presents a value of -0.61, which indicates that bearish momentum has recently prevailed; however, the gap between the MACD and its signal line is narrowing, hinting at a potential change in trend.

Another critical measure, the 50-Day Exponential Moving Average (EMA), is at $68.52. With Solana’s price hovering above this line, it points to a short-term bullish trend. This is reinforced by an observed upward trendline with support at $67.75. The adherence to this trendline is a bullish signal, suggesting that SOL could indeed test higher resistance levels if it remains above this crucial support.

The cryptocurrency market’s notorious volatility requires investors to maintain a vigilant stance. For Solana, the technical outlook suggests a bullish trend above the $67.75 support level. Should the currency maintain this momentum, the near-term future may well see it challenging the immediate resistance at $70.56.

In conclusion, while the current technical indicators for SOL display a tentatively positive outlook, the true test will come as the market reacts to broader economic signals and investor sentiment. With the cryptocurrency’s fundamentals in a strong position and technicals leaning towards the upside, SOL/USD’s push towards higher resistance levels seems a plausible scenario in the coming days.

Stay anchored for more in-depth analyses on Solana and other crypto movers!

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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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