Solana (SOL) Reclaims $60 - Is Price Heading to a New Yearly High Next?


20 Nov 2023 1:40 PM

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.

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You May Ask

What is the current price of Solana (SOL)?What is the critical resistance area for SOL?What are the positive signs indicated by the RSI?What is the prediction for the future trend of SOL?What factors will determine the future SOL price movement?

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