Solana Surges Near $100, Technical Signals Indicate Continuing Trend

Solana sustains its uptrend on the 12-hour and daily charts, with caution warranted at select Fibonacci extension levels that might briefly impede or potentially reverse the bullish momentum.

Solana Surges Near $100, Technical Signals Indicate Continuing Trend_65b9733177429.webp

Solana’s price surged beyond the $90 threshold, marking a notable breakout from its two-week consolidation range. The $90 level, which had posed as a formidable resistance over the past ten days, succumbed to the upward momentum triggered by Bitcoin’s ascent above the $42k resistance.

In a parallel development, Solana set a new record for stablecoin transfer volume, underscoring its heightened adoption and usage. Simultaneously, its Total Value Locked (TVL) exhibited a consistent uptrend, adding further weight to the platform’s growing prominence.

solana surges near 100 technical signals indicate continuing trend 65b973317a68a

Solana’s Potential Surge Beyond $100 in December

Anticipation mounts for Solana as it eyes the $100 milestone in December. Having surpassed the local high of $79.5 on December 20th, the coin rebounded from a brief dip to $67 on December 18th, with subsequent price increases. Despite a momentary dip during this period, the Relative Strength Index (RSI) remained above the neutral 50 mark, indicating resilience.

The 12-hour chart portrayed a bullish technical structure, complemented by the On-Balance Volume (OBV) trending upwards, signifying sustained buying pressure on SOL. Looking ahead, the Fibonacci extension levels of 61.8% and 100% at $89.32 and $96.45 emerge as the next price targets.

In the upper echelons, the $103-$106.5 resistance zone looms large, retaining bearish control from a higher timeframe perspective. With historical significance as resistance in April 2022, this zone holds the potential to pose a formidable challenge once again.

Intense Bullish Sentiment in Short-Term Outlook

solana surges near 100 technical signals indicate continuing trend 65b9733182d83

The near-term outlook reflected a strong bullish sentiment, as evidenced by the substantial bullish expectations. Hyblock’s liquidation levels underscored the prevailing dominance of bulls, with the Cumulative Liq Levels Delta witnessing a notable surge over the past two days, having hovered near the zero mark on December 19th.

While this surge indicated the bulls’ confidence in potential short-term gains, it also signaled vulnerability to potential losses in the event of a minor market downturn.

Related: Solana’s Saga Phone Suddenly Became a “Hot Item” Because of a Memecoin

Considering the market dynamics, a downward movement could exert significant pressure on overleveraged long positions, potentially resulting in a liquidity squeeze. Notably, the 83.7-$85.35 range housed several liquidation levels, with estimates suggesting multiple liquidations exceeding 10 million.

Similarly, the $77-$79.6 zone featured numerous liquidations exceeding 15 million, implying that a descent to these levels might precede any potential reversal for SOL.

(100 votes)

5.0/5

(100 votes)

Latest

Ripple Vs Sec Lawsuit May Be Reaching Its Final Chapter

News | Altcoin | Editor Choice | Policy & Regulations

Ripple vs SEC Lawsuit May Be Reaching Its Final Chapter

The lawsuit between Ripple and the SEC is approaching a settlement, as Judge Torres is expected to approve the latest joint motion submitted by both parties.

Trump Coin Faces 40% Crash Risk Ahead Of $500 Million Token Unlock

News | Editor Choice | Memecoin

Trump Coin Faces 40% Crash Risk Ahead of $500 Million Token Unlock

Trump Coin faces the risk of a sharp 40% drop as technical patterns flash bearish signals, with the market bracing for a $500 million token unlock in mid-July.

Sharplink Gaming Shares Plunge 73% Amid Eth Purchase Rumors

News | Altcoin | Editor Choice

Sharplink Gaming Shares Plunge 73% Amid ETH Purchase Rumors

As Sharplink Gaming prepares for a $1 billion Ethereum purchase, its stock unexpectedly plunged 73% due to market misinterpretation of the company’s share registration filing.

Sec Continues To Delay Review Of Dogecoin, Hedera, And Avalanche Etfs

Altcoin | Editor Choice | Policy & Regulations

SEC Continues to Delay Review of Dogecoin, Hedera, and Avalanche ETFs

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on a series of spot ETFs for altcoins, a move that has become familiar in recent months.

Receive $70 For New Users On Okx

Airdrops | Editor Choice

Receive $70 for New Users on OKX

Simply deposit 500 USDT into your trading account to receive 70 USDT for new users on the OKX exchange.