REDBOX: #BPNG4W4AHA
• Solana stabilizes at $65
• after the recent decline from the high
• 2023 at the level of 78 dollars
• Technical indicators point to
• potential upward momentum for SOL with
• predicted breakthrough, if it
• will remain above key levels
• Expectations of investors for a potential breakthrough
SOL above $80 until the end of December
remain strong
After a recent pullback from the 2023 high of $78, Solana has found stability around the $65 mark. This decline was seen in tandem with corrections in major cryptocurrencies such as Bitcoin and Ethereum, which contributed to a 2.1% drop in total market capitalization to $1.61 trillion.
However, in the midst of this correction, technical indicators are hinting at potential upside momentum for S0L.
Notably, Solana's price is bouncing off the $65 overload zone highlighted on the four-hour chart, indicating a possible resumption of the uptrend if it holds above that level. Traders are advised to watch for a break above the upper ascending trend line, which signals a resumption of the upward trajectory.
Although the moving average convergence divergence (MASD) remains below the neutral range, there is significant potential for a buy signal. If a bullish cross occurs, indicating that the MACD line exceeds the signal line, traders and investors may view the current decline as a good time to buy.
This drop seems to have attracted more owners to accumulate S0L in anticipation of a bigger breakout.
There is widespread speculation among investors that it is not only around $80, but potentially above $100 by the end of December.
In addition, in connection with the 3 upcoming meetings of the Federal Reserve System regarding interest rates and the reduction of inflation in November, crypto markets, including Solana, seem to be taking a temporary pause.
Despite this, investor sentiment remains positive, underpinned by the broader downward trend in inflation.
