As of November 15, Solana (SOL) is trading at $59.43, with a 24-hour trading volume of $7.34 billion and a market capitalization of $25.10 billion. The price of SOL has increased by 11.8% from the previous day.
SOL continues to be in a bullish zone, well above the $40 and $42.50 support levels. The bulls were active near Solana’s $42.50 support zone, where a base was forced and the price started to rise above the $45 range.
Solana also moved well above the $50 level and covered its 55-day simple moving average (SMA), according to the four-hour chart. The token briefly crossed the $60 mark and formed a high near $63.98 before experiencing a downside correction, which saw it briefly decline below the $58 support zone.
The cryptocurrency made a minor move below the 23.6% Fib retracement level of the upward wave from the $38.02 swing low to the $63.98 high. At the time of writing, SOL is trading above the $50 mark and its 55-day SMA.
What Would Happen If Solana (SOL) Breaks Below Support?
If Solana were to head to the downside, the initial support level would be at $51 or the 50% Fib retracement level of the upward wave from the $38.02 swing low to the $63.98 high. It should also be noted that there is a key bullish trend line forming with support near the $51 level on the 4-hour chart of the SOL/USD trading pair.
Technical indicators signify that the next major support for SOL is near the $50 level, where a downside break below the support might ignite a sharp decline for the cryptocurrency. If that were to be the case, the SOL price may decline to the $44.20 level. Further losses might call for a test of the $40 support level.
What Happens If Solana (SOL) Propels?
Whereas, on the upside, immediate resistance is near the $57.80 mark. Solana’s next major resistance is found to be near the $60 zone. Any further gains might help propel the token towards the $63.50 resistance zone. Beyond that point, prices could accelerate much higher. In that case, the next major resistance for SOL would be near the $68 level.
The current market sentiment for SOL is ‘Bullish’, while the Fear & Greed Index is showing a score of 60 (Greed). Meanwhile, Solana recorded 19/30 (63%) green trading days over the period of the last 30 days with a price volatility of 27.01%.
Solana’s 200-day SMA is expected to rise in the next month, hitting $29.86 by December 15, 2023. Meanwhile, its 50-day SMA is estimated to reach $53.49 by December 15, 2023. Currently, the Relative Strength Index (RSI) value of SOL stands at 74.37, which indicates that the token market is in an overbought position. It also suggests that the price of SOL will increase in the coming days.
What Is The Price Outlook For Solana For The Rest of The Year?
Based on the negative and positive price forecast over the past 30 days, SOL is expected to be changing hands at $60.14 on November 22, 2023, gaining 6.13% in value over the course of seven days.
For the rest of the year, Solana is forecast to trade within a range of $53.57 and $69.54. Reaching the upper target would mean an 11.04% increase over its current market value.