The crypto market has recorded a jump of over 1.2% in its value over the past day, with top cryptocurrencies witnessing a positive upswing in their respective portfolios. On the other hand, the SOL price has been displaying a neutral trend for a while now, raising concerns over the price action of Solana for December.
Solana traded in a consolidated range between $38.77 and $42.25 for a while. Following this, the market gained momentum during the first week of November, resulting in a price surge. The SOL price recorded a jump of approximately 42% in the next four days before facing rejection at $59.59.
After this, the coin faced a minor correction, but the bulls held the price strong, resulting in the price experiencing a jump of 11%. Following this, the price was rejected at $61, post which the price made another attempt to break out but faced rejection.
The SOL price then lost momentum and started trading negatively and tested its crucial support level at $51.32. The SOL token then experienced a trend reversal, resulting in the price witnessing a jump of over 28% in value. Further, the coin recorded a new yearly high at $65.90, after which the bulls lost momentum.
Solana token cut nearly 18% in value and was seen testing its lower support level of $54.01. During the third week of the month, the bulls successfully regained the $60, but the rally was short-lived as the bears overpowered the bulls.
Since then, the price has been trading in a consolidated range between $54.01 and $59.73. Recently, the bulls regained power and managed to push the price above the $60 mark, but the price has been hovering close to its support level, creating uncertainty in the future price action of this crypto.
Will The SOL Price Hit $70 Soon?
The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram, indicating a reduction in the market’s ongoing buying and selling pressure. Further, the average shows a bearish convergence possibility, suggesting the price will lose value in the coming days.
If the bulls continue to trade the price above the $60 level, the SOL price will regain momentum and prepare to test its resistance level of $62.81 soon. Further, if the market holds the price at that level, it will set the stage for Solana to attempt to test its upper resistance level of $65.90 in the coming days.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $54.01 soon. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $51.32 by the week ahead.
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