$SOL 🚀Can Solana (SOL) break through the sky again and set a new high? 🚀
Under the enthusiastic pursuit of Solana ETF, the price of SOL has been rising rapidly like a rocket in the wave of network activities. In just 24 hours, the trading volume surged by 112% to an astonishing $3.128 billion, which undoubtedly injected strong momentum into Solana's price trend!
From a professional technical analysis perspective, Solana is standing at an exciting buying intersection. Multiple indicators and simple moving averages on the daily chart (such as 5, 10, 20 and 200 week lines) have issued strong buying signals, indicating a possible upward trend in the future. Although the 50 and 100 week lines temporarily show a sell signal, this does not seem to stop the upward momentum of SOL prices.
However, the market is always full of variables. The MACD (12,26) indicator is currently at -4.879, which has given investors a warning of a sell signal to a certain extent. The STOCHRSI (14) also shows that the SOL token is in an overbought state, reminding investors to pay attention to risks. However, it is worth mentioning that the relative strength index (RSI) is currently neutral, indicating that the possibility of a trend reversal in the short term is relatively small.
In this volatile cryptocurrency battlefield, Solana's key support level is around $145.296. If the SOL price can successfully break through this important point, the altcoin is expected to soar further and challenge higher price levels. The key Fibonacci resistance levels are located at $151.307, $155.021 and $161.032, which will be important tests for Solana's price breakthrough.
Imagine that if Solana can successfully break through these resistance levels, it will be expected to challenge the high of $202 set in March this year! This will be an exciting cryptocurrency feast and a test of investors' wisdom and courage.
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