The new all-time high (ATH) of Solana (SOL) may become a reality thanks to technical factors and market sentiment reinforcing the upward trend of this coin. Here are the highlights:
1. The strength of the upward trend through technical indicators
• Super Trend: On the daily chart, Solana's Super Trend indicator is below the price and has turned green, signaling a strong upward trend. This line acts as a dynamic support level, currently at 213.53 USD. When the price maintains above this level, buying pressure often increases, reinforcing the price outlook.
• Ichimoku Cloud: The price of SOL is above the Ichimoku Cloud, indicating that the coin is in a strong upward trend. This Cloud acts as a dynamic support zone, providing a basis for recovery in case of price adjustments.
2. Optimistic market sentiment
• Solana has demonstrated resilience against short-term sell-offs, with the current price (255.12 USD) only slightly down 3% after reaching ATH of 264.39 USD on November 23. This indicates investor confidence and the ability to maintain buying pressure.
• If buying pressure continues, the price of SOL may surpass the current resistance level and turn it into new support, paving the way for the establishment of a higher ATH.
3. Future price scenarios
• Positive scenario: If SOL surpasses the resistance level at 264.39 USD with high trading volume, the price could continue to rise and establish new highs.
• Negative scenario: Conversely, if selling pressure increases, the price may drop to the nearest support level at 231.35 USD. If this level cannot hold, SOL may retreat further to the threshold of 213.53 USD, reducing the likelihood of achieving a new ATH in the short term.
Conclusion
Based on technical signals and market sentiment, Solana has high potential to reach a new ATH. However, this depends on whether the buying pressure is strong enough to overcome the current resistance level, as well as the ability to maintain stability in a volatile market context. Investors need to closely monitor important support and resistance levels to make appropriate decisions.