Market
Why a New Solana All-Time High May Be Near
Solana’s (SOL) price clinched a new all-time high of $264.39 during the trading session on November 23. Its price has since witnessed a 3% correction, causing the popular altcoin to exchange hands at $255.12 as of this writing.
Despite this pullback, the bullish bias toward the altcoin strengthens. An assessment of its daily chart highlights two reasons why a new Solana all-time high may be on the horizon.
Solana Bulls Relegates Its Bears
On the SOL/USD one-day chart, its price is positioned above the green line of its Super Trend indicator. This indicator measures the overall direction and strength of a price trend. It appears as a line on the chart, changing color based on the prevailing trend: green signifies an uptrend, while red indicates a downtrend.
When the Super Trend line is above an asset’s price, it signals a downtrend, suggesting continued bearish momentum. In Solana’s case, when the Super Trend line turns green and moves below the price, buyers are in control.
This green line often acts as a support level, where increased buying pressure can drive a rebound following price dips. For Solana, this support is currently set at $213.53.
Further, the coin’s price rests significantly above its Ichimoku Cloud, confirming this bullish outlook. This indicator tracks the momentum of an asset’s market trends and identifies potential support/resistance levels.
When an asset’s price rests above the Ichimoku Cloud, it signals a bullish trend. It indicates that the asset is on an upward trend with the potential for further gains. In this case, the Cloud is a dynamic support zone below the price, reinforcing bullish sentiment.
SOL Price Prediction: New High on the Horizon
At press time, SOL trades at $255.12, below the new resistance at its all-time high of $264.39. If buying pressure strengthens further, the coin’s price will flip this level into a support floor and attempt to touch a new peak.
On the other hand, if profit-taking activity resurges, SOL’s price will shed some of its current gains to trade at $231.35. Should this level fail to hand, SOL’s price will fall toward the support formed by its Super Trend indicator at $213.53. This will invalidate the possibility of a new Solana all-time high in the near term.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.