Solana Technical Analysis$SOL - December 2024
Current Status:
Technical Pattern: The Solana chart shows a cup and handle pattern formation, which is a strong bullish signal$SOL . This pattern suggests that the price could rise in the short term to a range of $200-$280, with the price potentially reaching $300 if the momentum continues【8】.
Overall Trend: The trend is bullish based on moving averages. The 50-day moving average has crossed the 200-day moving average, indicating strong positive momentum on the weekly timeframe【9】【10】.
Key Indicators:
MACD Indicator: Shows bullish momentum, with the MACD signal line moving above the zero level.
Relative Strength Index (RSI): Indicates that overbought levels are near, which may increase the chances of a short-term correction【9】.
Support and Resistance Levels:
Support: $222 level is a major support line, breaking it could lead to a decline towards $200.
Resistance: $$SOL $260 and $280 levels are important resistance areas in the short term【8】【10】.
Recommendations:
Short-term trading: If the price breaks the resistance level at $260, there may be a chance to target $280-300. However, in case of a correction, buying at the support levels ($222-210) may be a good opportunity.
