Analytics

Meager Surge for SOL; Will It Tap Nearest Resistance Zone of $14.5?

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Following a slight upsurge in the crypto market, Solana (SOL) showed a $13.79 high, at press time. The sixteenth coin in terms of market cap is at $13.6, as of now. Also, the coin is 2.6% and 1.3% up in the past 24 hours and the past seven days, respectively.

SOL signaled a good hike on November 23 but, it went down showing a uniform fluctuation without any lucrative result. The coin also dropped off in the past day from its price on December 7— $14.35 to $13.27 on December 8.

SOL/USDT- 1-Day Trading Chart (Source: Trading View)

While looking at a wider range, SOL started nosediving on November 5, at a rate of 64%, due to the collapse of FTX. Although a major resistance level cannot be expected for the coin, it would tap at the nearest resistance of $14.55. If any positive economic factors occur, the coin would hike to the nearest resistance only if the bulls restore their position in the market accordingly.

Meanwhile, the 20-day EMA of the one-day trading chart of SOL signifies that if the current green candle touches the EMA line, turbulence will happen to turn the coin’s value either for a dip or a spike.

The Bollinger Bands for SOL indicate more fluctuations for the coin as the bands show expansion and the price candles are moving within these bands. The upper band is at $15, whereas the lower band is at $12.16.

SOL/USDT- 4-Hour Trading Chart (Source: Trading View)

In the 4-hour chart, SOL price analysis can be predicted in different ways. As clear from the graph, the price candle would touch the 200-day EMA line and the coin would skyrocket to the resistance zone of $17 (Resistance 1). In this case, the SOL price would also see another uptrend, fixing its price at the $18 resistance zone (Resistance 2).

However, the price could also go down if SOL taps at support zones such as $12 (Support 1) and $10 (Support 2).

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

   
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