$SOL Key Position Bounce, Is a Bull Market Coming?
Solana has set another record! Bitcoin recently surged to $100,000, rising over 6% before Christmas, and the whole market is in high spirits, with altcoins also bouncing back.
As for Solana, it stabilized at a key position, bouncing back sharply after a period of decline. However, the pressure is still quite significant, making people feel uneasy.
Speaking of which, SOL had previously retraced quite heavily, falling out of the top five by market capitalization. But now, after bouncing back from the key position, it is starting to rise again, looking like it might set a new high.
The 200-day EMA (Exponential Moving Average) is quite crucial, with bulls guarding it to prevent the price from falling too badly. The RSI (Relative Strength Index) has also bottomed out, and the rebound is quite strong. However, the trading volume has decreased a bit, which is somewhat concerning.
Currently, the SOL price has entered a bullish zone, higher than the rising trend line, which is quite supportive. As long as the price doesn't drop, this upward momentum should continue. If it does drop, the 200-day EMA should be able to pull it back up.
Overall, after bouncing from the support level, Solana's price looks like it is set to rise steadily, and it might even return to $300 at the beginning of 2025!
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