Forecast for Solana (SOL) Price Movement After Breaking 600-Day Resistance
Date: 2023-09-28 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Solana (SOL), one of the most discussed cryptocurrencies in the market, is catching the attention of investors with its recent movements. In this article, we will explore the prospects that open up for Solana after breaking through 600 days of resistance.
Solana and its path to horizontal support at $18
Over the past few weeks, Solana has shown a slight price increase, confirming the horizontal support area at $18. This is an important development for those following this cryptocurrency, as it may indicate a change in the long-term trend.
The price of Solana is also staying within a long-term horizontal range between $18 and $32. This range can be a key factor in determining future price movements. Typically, in such ranges, the price consolidates until a decisive breakthrough occurs.
Breaking 600 days of resistance and long-term support
It's interesting to note that Solana has made a significant breakthrough, surpassing both the horizontal area of $18 and a long-standing descending trendline that lasted for 600 days. This event can be seen as a potential trend change for the cryptocurrency.
Now, these areas that previously acted as resistance could turn into support if the Solana price retraces to them. This is an important development to watch for investors and traders.
Daily signals and RSI indicator
On the daily chart of Solana, bullish signals can be observed. The most significant of these was the bounce from the long-term ascending support line on September 11th. This bounce also occurred above the horizontal support area at $18.
However, it's worth noting that the weekly Relative Strength Index (RSI) still shows a bearish bias. The indicator declined after reaching the 50 level, which may indicate a longer-term downtrend.
Looking ahead
The outlook for Solana (SOL) after breaking through 600 days of resistance remains ambiguous. Long-term indicators signal the possibility of a trend change, but the bearish bias on the weekly chart is still noticeable.
Investors and traders should monitor the price movement of Solana, especially within the support level of $18 and resistance at $32. A breakthrough of these levels could determine the cryptocurrency's future direction.
