Solana (SOL) Reclaims $60 - Is Price Heading to a New Yearly High Next?
The Solana (SOL) price has fallen since its yearly high and is now struggling with the $62.50 horizontal resistance area....
- The Solana (SOL) price reached a new yearly high of $68.20 but has fallen since.
- The price now trades slightly below a critical resistance area at $62.50.
- The SOL price has been on a sharp upward movement since October, breaking out from a descending resistance trend line.
- The RSI is increasing and above 50, indicating positive signs.
- Analysts have a positive outlook for the future trend, predicting an increase to a new yearly high.
- The six-hour time frame suggests an initial retracement before the altcoin resumes its ascent.
- The SOL price movement resembles a head and shoulders pattern, but its viability has not been confirmed yet.
- The future SOL price prediction depends on the reaction to the $62.50 resistance area, with a rejection leading to a 25% decrease and a reclamation leading to a 25% increase.
The overall sentiment of the article is positive, with analysts and indicators suggesting a potential increase in the Solana price. However, there is also caution regarding a possible retracement and the viability of a bearish pattern.